Stock-based compensation expense was $51.8 million and $12.7 million for the three months ended March 31, 2026 and 2025, respectively. The capitalized stock-based compensation expense related to internally developed software was $9.4 million and $2.7 million for the three months ended March 31, 2026 and 2025, respectively.


Table 17.1. Summary of Outstanding Stock Options Activities
	Number of Stock Options (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2025	13,450	$	11.36	4.2	$	919,115

Options exercised	(2,543)	5.67

Balance as of March 31, 2026	10,907	$	12.68	4.2	$	906,000
Exercisable at March 31, 2026	10,348	$	10.97	4.0	$	874,255


	Number of Stock Options (in thousands)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in thousands)
Balance as of December 31, 2024	22,751	$	8.48	5.5	$	522,900

Options exercised	(1,009)	0.64
Options forfeited	(93)	20.63
Balance as of March 31, 2025	21,649	$	8.79	5.3	$	462,946
Exercisable at March 31, 2025	20,145	$	7.49	5.1	$	455,317

As of March 31, 2026, unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested stock options that are expected to vest was $9.6 million, which is expected to be recognized over a weighted-average period of 2.5 years.

Prior to the IPO, RSUs granted under the award plan generally vested upon the satisfaction of both a service condition and a liquidity-event related performance condition. Both the service and liquidity-event related performance conditions needed to be met for the expense to be recognized. RSUs granted after the IPO generally vest solely based on the satisfaction of a service condition. We record stock-based compensation expense for service-based RSUs on a straight-line basis over the requisite service period, which is generally the vesting period.

Prior to the IPO, we had not recognized stock-based compensation expense related to certain RSU awards as the qualifying liquidity-event related performance condition had not yet occurred and was not considered probable of occurring. Stock-based compensation expense related to remaining service-based awards after the IPO is recorded over the remaining requisite service period.


Table 17.2. Summary of Restricted Stock Units Activities
	Number of Shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2025	14,711	$	35.16
RSUs granted	4,853	$	69.61
RSUs vested	(2,828)	$	32.65
RSUs forfeited	(435)	$	39.79
Balance as of March 31, 2026	16,301	$	45.73


	Number of Shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2024	19,943	$	30.85
RSUs granted	5,811	$	31.16
RSUs vested	(1)	$	27.81
RSUs forfeited	(423)	$	30.23
Balance as of March 31, 2025	25,330	$	30.93

As of March 31, 2026, unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested RSUs that are expected to vest was $424.9 million, which is expected to be recognized over a weighted-average period of 3.4 years.

The Company has issued the following common shares for the purchase of common shares subject to forfeiture based on certain service conditions in connection with its acquisitions. These shares were issued to the employees of the acquired businesses and are valued based on the fair value of the Company’s common shares at the acquisition date. The Company records stock-based compensation expenses over the requisite service period, with an increase to additional paid-in capital. The shares issued for business combinations are subject to forfeiture based on service conditions through various dates over a four-year period from their respective acquisition dates.


Table 17.3. Summary of Shares Issued for Business Combinations Activities
	Number of Shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2025	1,744	$	33.75

Shares vested	(520)	$	31.16

Balance as of March 31, 2026	1,224	$	34.84


	Number of Shares (in thousands)	Weighted- Average Grant Date Fair Value
Balance as of December 31, 2024	548	$	47.82
Shares issued	1,473	31.16
Shares forfeited	(6)	47.82
Balance as of March 31, 2025	2,015	$	35.64

As of March 31, 2026 unrecognized stock-based compensation cost net of estimated forfeitures related to outstanding unvested shares and warrants issued for business combinations that are expected to vest was $31.4 million, which is expected to be recognized over a weighted-average period of 1.7 years.

The Company's ESPP became effective on June 4, 2025, with the grant date of the initial offering period beginning on March 5, 2026. Refer to Note 2 for additional details regarding the Company's ESPP.

As of March 31, 2026, $1.0 million has been withheld on behalf of employees for future purchases under the ESPP due to the timing of payroll deductions. As of March 31, 2026, there was approximately $1.9 million of unrecognized stock-based compensation cost net of estimated forfeitures related to the ESPP, which is expected to be recognized over a remaining period of 0.4 years.

The Company estimated the fair value of ESPP purchase rights using a Black-Scholes option-pricing model. The weighted average assumptions utilized in the valuation of ESPP purchase rights are presented below:


Table 17.4. ESPP Valuation Assumptions
	March 31,
	2026
Risk-free interest rate	3.65	%
Expected term (years)	0.5
Expected volatility	49.33	%
Expected annual dividend	—