The Company adopted the 2015 Stock Plan (the 2015 Plan) in February 2015. The 2015 Plan was an equity incentive program under which employees of the Company or its subsidiary corporations (including officers), non-employee members of the Company’s board of directors, and consultants to the Company or its subsidiary corporations were offered an opportunity to acquire the Company’s ordinary shares. The 2015 Plan provided both for the direct award or sale of ordinary shares (RSAs) and for the grant of options to purchase ordinary shares. Options granted under the 2015 Plan were Incentive Stock Options (ISOs) intended to qualify under Title 26 U.S. Code Section 422 or Non-qualified Stock Options (NSOs) which were not intended to so qualify. Only employees, outside directors and consultants of either the Company or a subsidiary of the Company, were eligible for the grant of NSO or the direct award or sale of ordinary shares. Only employees of either the Company or of a subsidiary of the Company, were eligible for the grant of ISOs.

As of January 27, 2022, the 2015 Plan has ceased to be available for grants of new awards. Both RSAs and options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48th per month thereafter.


	Outstanding Share Options (in millions)	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of April 29, 2023	8.9	$	2.02	6.22	$	0.1
Options exercised and vested	(2.3)	$	1.98
Options canceled/ forfeited	(0.2)	$	4.64
Balances as of April 27, 2024	6.4	$	1.97	5.30	$	106.5
Options exercised and vested	(2.9)	$	1.64
Options canceled/ forfeited	—	$	4.58
Balances as of May 3, 2025	3.5	$	2.23	4.79	$	162.8
Options exercised and vested	(1.4)	$	2.23
Options canceled/ forfeited	—	$	2.33
Balances as of May 2, 2026	2.1	$	2.24	3.96	$	383.4
Vested or expected to vest as of May 2, 2026	2.1	$	2.24	3.96	$	383.4
Exercisable as of May 2, 2026	2.1	$	2.24	3.96	$	383.4

During the years ended May 2, 2026, May 3, 2025 and April 27, 2024, the total intrinsic value of options exercised was $162.9 million, $130.5 million and $36.2 million, respectively. The weighted-average grant date fair value of options vested was $1.78, $1.64 and $1.52 per share for the years ended May 2, 2026, May 3, 2025 and April 27, 2024, respectively.

The total grant date fair value of share options that vested was $6.3 million, $6.8 million and $13.3 million as of May 2, 2026, May 3, 2025 and April 27, 2024, respectively. As of May 2, 2026, there was no unrecognized compensation cost related to share options.

In December 2021, the Company adopted the 2021 long-term incentive plan (the 2021 Plan). Upon the adoption, the 2021 Plan had 19.9 million ordinary shares reserved for issuance and additional 35.4 million ordinary shares reserved thereafter. Awards granted under the 2021 Plan may include, but are not limited to, options, time-based restricted share units (RSUs) and performance-based restricted share units (PSUs). RSU and PSU awards are denominated in ordinary shares, but may be settled in cash or shares upon vesting, as determined by the Company at the time of grant. None of the awards granted under the 2021 Plan as of May 2, 2026 allowed cash settlement. RSU awards under the 2021 Plan generally vest over 4 years. As of May 2, 2026, 34.8 million shares remained available for future issuance under the 2021 Plan.


	Number of shares (in millions)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of Balance as of April 29, 2023	7.8	$	11.66	1.65	$	63.2
Granted	5.4	$	20.08
Vested	(2.6)	$	11.98
Canceled/ forfeited	(0.4)	$	11.49
Balances as of Balances as of April 27, 2024	10.1	$	16.11	1.52	$	188.2
Granted	3.9	$	59.10
Vested	(4.0)	$	15.53
Canceled/ forfeited	(0.6)	$	20.05
Balances as of Balances as of May 3, 2025	9.5	$	33.88	1.39	$	458.1
Granted	2.2	$	112.72
Vested	(4.2)	$	29.64
Canceled/ forfeited	(0.3)	$	32.40
Balances as of Balances and expected to vest as of May 2, 2026	7.2	$	58.43	1.18	$	1,319.6

As of May 2, 2026, unamortized compensation expense related to RSUs was $367.9 million. The unamortized compensation expense for RSUs will be amortized on a straight-line basis and is expected to be recognized over a weighted-average period of 2.28 years.


	Number of shares (in millions)	Weighted-Average Grant Date Fair Value		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (in millions)
Balances as of April 27, 2024	—	$	—	0.00	$	—
Granted	0.2	$	43.70
Balances as of May 3, 2025	0.2	$	43.70	2.53	$	10.1
Granted	1.3	$	92.57
Balances as of Balances and expected to vest as of May 2, 2026	1.5	$	85.33	2.15	$	272.1

During fiscal year 2025, the Company granted 0.2 million PSUs to certain named executive officers which will be eligible to become earned between 0% and 200% of target levels based on the Company’s achievement of specified revenue goals for the fiscal year ended May 2, 2026. The PSUs became earned at 200% of target levels based on the Company’s achievement of specified revenue goals and will be vested subsequent to May 2, 2026.

During fiscal year 2026, the Company granted 1.3 million PSUs to certain named executive officers and employees which will be eligible to become fully earned or unearned at 100% of target levels based on the Company’s achievement of stock price, product qualification and specified revenue goals.

The Compensation Committee will measure the achievement of such goals and determine the number of refresh PSUs that have become earned based on performance. The PSUs will then be subject to a service-based vesting requirement over an additional three to four-year period.

As of May 2, 2026, unamortized compensation expense related to PSUs was $37.0 million. The unamortized compensation expense for PSUs will be amortized on a straight-line basis and is expected to be recognized over a weighted-average period of 2.15 years.

In January 2022, the Company adopted the Employee Stock Purchase Plan (ESPP). Under the ESPP, a total of 3.8 million shares have been authorized for the grant of shares and participants can purchase the Company’s ordinary shares using payroll deductions, which may not exceed 15% of their total cash compensation. Pursuant to the terms of the ESPP, the “look-back” period for the share purchase price is 24 months. Offering and purchase periods begin on January 1 and July 1 of each year. Participants will be granted the right to purchase ordinary shares at a price per share that is 85% of the lesser of the fair market value of the shares at (i) the participant’s entry date into the two-year offering period or (ii) the end of each six-month purchase period within the offering period.

During the years ended May 2, 2026, May 3, 2025 and April 27, 2024, 0.2 million, 0.2 million and 0.3 million shares were issued under the ESPP, respectively. As of May 2, 2026, 7.5 million shares remained available for future issuance under the ESPP.

The following weighted-average assumptions to calculate the fair value of ordinary shares to be issued under the ESPP on the date of grant using the Black-Scholes option pricing model in the periods presented:


	Year Ended
	May 2, 2026	May 3, 2025	April 27, 2024
Grant date fair value	$27.64	$10.51	$6.04
Expected volatility	78.62%	74.99%	56.13%
Expected term (in years)	1.27	1.18	1.33
Risk-free interest rate	4.29%	4.74%	3.40%
Expected dividend yield	—%	—%	—%


	Year Ended
	May 2, 2026		May 3, 2025		April 27, 2024
Cost of revenue	$	1,416	$	1,194	$	1,131
Research and development	102,576		41,930		21,359
Selling, general and administrative	78,646		34,231		16,532
	$	182,638	$	77,355	$	39,022

In connection with the Hyperlume acquisition, the Company issued 87 thousand RSUs under its 2021 long-term incentive plan in replacement for the unvested options under Hyperlume’s equity incentive plan. The RSUs retain the same vesting conditions as the unvested options that they replaced. The Company also issued 132 thousand restricted shares of the Company to one of the founders of Hyperlume and 132 thousand restricted shares of a newly formed subsidiary of the Company that are exchangeable into restricted shares of the Company to the other founder of Hyperlume. The restricted shares were issued in exchange for the founders’ outstanding equity interests in Hyperlume and vest on a quarterly basis, subject to continued employment with the Company over the next 4 years.