Stock-based Compensation and Stockholders' Equity (Tables)

9 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model

The fair value of stock option grants for the three and nine months ended March 31, 2026 and 2025 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Three Months Ended March 31,		Nine Months Ended March 31,
	2026	2025	2026	2025
Risk-free interest rate	3.92%	4.05% - 4.39%	3.68% - 4.00%	3.82% - 4.39%
Expected term	5.96 years	3.00 years - 5.98 years	3.44 years - 5.96 years	3.00 years - 5.98 years
Dividend yield	—%	—%	—%	—%
Volatility	77.64%	73.06% - 95.28%	76.16% - 92.16%	63.67% - 95.28%

Schedule of Stock-based Compensation Expense

The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three and nine months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
Cost of sales	$	11,522	$	7,060	$	25,400	$	17,713
Research and development	83,115		54,254		200,090		141,590
Sales and marketing	12,276		9,923		33,700		27,245
General and administrative	19,021		13,467		46,368		44,292
Stock-based compensation expense before taxes	125,934		84,704		305,558		230,840
Income tax impact	(28,713)		(22,433)		(70,373)		(57,442)
Stock-based compensation expense, net	$	97,221	$	62,271	$	235,185	$	173,398

Schedule of Operational and Stock Price Milestones

The achievement status of the operational and stock price milestones as of March 31, 2026 was as follows:


Annualized Revenue Milestone (in billions) (1)	Achievement Status	Stock Price Milestone (1)	Achievement Status
$13.0	Achieved (6)	$45.00	Achieved (2)
$15.0	Achieved (7)	$60.00	Achieved (3)
$17.0	Achieved (8)	$75.00	Achieved (4)
$19.0	Achieved (9)	$90.00	Achieved (5)
$21.0	Achieved (10)	$110.00	Not yet achieved

(1)Under the terms of the 2023 CEO Performance Stock Option, the annualized revenue milestones and stock price milestones set forth in the table above must be achieved by December 31, 2028 and March 31, 2029, respectively.

(2)On March 2, 2024, the Compensation Committee certified achievement of the $45.00 stock price milestone based upon the 60 trading day average stock price from November 29, 2023 through February 26, 2024.

(3)On April 1, 2024, the Compensation Committee certified achievement of the $60.00 stock price milestone based upon the 60 trading day average stock price from December 15, 2023 through March 13, 2024.

(4)On April 1, 2024, the Compensation Committee certified achievement of the $75.00 stock price milestone based upon the 60 trading day average stock price from January 4, 2024 through April 1, 2024.

(5)On May 5, 2024, the Compensation Committee certified achievement of the $90.00 stock price milestone based upon the 60 trading day average stock price from January 31, 2024 through April 25, 2024.

(6)On February 27, 2025, the Compensation Committee certified achievement of the $13.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of June 30, 2024.

(7)On April 22, 2025, the Compensation Committee certified achievement of the $15.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of September 30, 2024.

(8)On April 22, 2025, the Compensation Committee certified achievement of the $17.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of September 30, 2024.

(9)On April 22, 2025, the Compensation Committee certified achievement of the $19.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of December 31, 2024.

(10)On August 26, 2025, the Compensation Committee certified achievement of the $21.0 billion revenue milestone based on our previous four consecutive fiscal quarters revenue as of March 31, 2025.

Schedule of Stock Option Activity

The following table summarizes stock option activity (including CEO Performance Stock Options) during the nine months ended March 31, 2026 under all plans:


	Options Outstanding	Weighted Average Exercise Price per Share		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in thousands)
Balance as of June 30, 2025	34,848,133	$	22.47	$	—	—	$	—
Granted	3,178,597	$	49.37	$	33.98	—	$	—
Exercised	(1,630,182)	$	8.17	$	—	—	$	—
Forfeited/Cancelled	(975,634)	$	37.45	$	—	—	$	—
Balance as of March 31, 2026	35,420,914	$	25.13	$	—	6.49	$	322,574

Options exercisable at March 31, 2026	24,885,340	$	17.48	$	—	5.63	$	309,416

Schedule of Restricted Stock Unit Activity

The following table summarizes RSU activity during the nine months ended March 31, 2026 under all plans:


	Time-Based RSUs Outstanding	Weighted Average Grant-Date Fair Value per Share
Balance as of June 30, 2025	20,428,647	$	34.22
Granted	8,120,018	$	45.07
Released	(8,117,534)	$	28.50
Forfeited	(1,402,029)	$	40.15
Balance as of March 31, 2026	19,029,102	$	40.85