RSUs granted under the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) and the 2024 New Employee Equity Incentive Plan (the “Inducement Plan”) generally vest based on continued service up to a four-year period for employees and over a one-year period, for non-employee directors and consultants.


	RSUs	Weighted-average grant date fair value per unit
RSUs unvested as of December 31, 2025	4,609,077	$	6.44
Granted	4,602,950	$	4.50
Vested(1)	(2,222,763)	$	5.52
Forfeited	(581,517)	$	6.21
RSUs unvested as of June 30, 2026	6,407,747	$	5.39

(1) Includes 36,000 RSUs that were settled in cash upon vesting. The Company expects to settle substantially all other outstanding RSUs in shares, with a limited number of specifically identified grants expected to be settled in cash. The shares underlying the cash-settled RSUs were returned to the applicable equity incentive plan and became available for future issuance.

PSUs granted under the 2021 Plan vest based on the Company’s achievement of a predefined year-over-year B2 Cloud Storage revenue growth target for the fiscal year ended December 31, 2026, subject to continued service through the requisite service period. PSUs are settled in shares of the Company’s Class A common stock.

During the six months ended June 30, 2026, the Company awarded PSUs based on the expected attainment of one-year performance targets, consisting of 128,205 PSUs subject to one-year cliff vesting and 914,048 PSUs that vest over a three-year service period, with one-year cliff vesting for the initial tranche followed by quarterly vesting thereafter.

The number of PSUs earned will range from 0% to 150% of the initial award. Compensation expense is recognized over the requisite service period based on the grant-date fair value of the awards and the estimated number of PSUs expected to vest. The Company revises its estimate of the achievement of performance conditions at each reporting period, with cumulative catch-up adjustments recorded in the period of change.


	PSUs	Weighted-average grant date fair value per unit
PSUs unvested as of December 31, 2025	—	$	—
Granted	1,042,253	$	4.18
Vested	—	$	—
Forfeited	(22,436)	$	7.03
PSUs unvested as of June 30, 2026	1,019,817	$	4.12

As of June 30, 2026, management estimated the payout level for the PSUs at 150% of target. Based on this estimate, the Company recognized $1.1 million of stock-based compensation expense related to these awards during the three and six months ended June 30, 2026. As of June 30, 2026, total unrecognized compensation cost related to PSUs was $5.2 million, which will be recognized over a weighted-average period of 1.3 years.

In June 2026, the Company entered into a multi-year Master Strategic Agreement with CoreWeave, Inc. (“CoreWeave”) under which the Company will provide committed B2 Cloud Storage capacity and managed storage services on CoreWeave’s infrastructure (the “CoreWeave Agreement”). In connection with the CoreWeave Agreement, the Company issued CoreWeave two equity-classified warrants to purchase an aggregate of 4,194,876 shares of the Company’s Class A common stock, consisting of an initial warrant to purchase 3,053,314 shares (the “Initial Warrant”) and an additional warrant to purchase 1,141,562 shares (the “Additional Warrant”). Each warrant has an exercise price of $7.60 per share, subject to customary adjustments, and may be exercised for cash or on a cashless basis.

The Initial Warrant vests in twenty equal quarterly installments over five years, subject to continuation of the related order form. The Additional Warrant vests in tranches based on purchase orders issued for managed storage capacity, with each tranche vesting in twenty equal quarterly installments over five years. The applicable order forms may be terminated under specified circumstances. If an order form is terminated, no further vesting occurs, and the related warrant remains exercisable only with respect to the portion vested as of the termination date. Any unvested portion of each warrant becomes fully vested and exercisable immediately prior to a change in control of the Company, as defined in the agreement, occurring before termination of the related order form, subject to certain conditions and the potential for forfeiture. The Initial Warrant expires on June 16, 2032, and the Additional Warrant expires on June 16, 2035.

The grant-date fair value of the warrants expected or probable to vest is recognized as a reduction of revenue in the same pattern as the related revenue. Because recognition of the related revenue had not commenced as of June 30, 2026, no revenue reduction related to the warrants was recognized during the three and six months ended June 30, 2026.


	Warrant Shares	Weighted-average grant date fair value per warrant
Warrants unvested as of December 31, 2025	—	$	—
Granted	4,194,876	$	5.18
Vested	—	$	—
Forfeited	—	$	—
Warrants unvested as of June 30, 2026	4,194,876	$	5.18


	Initial Warrant		Additional Warrant
Expected term (in years)	3 - 6		3 - 9
Expected volatility	75% - 80%		70% - 80%
Risk-free interest rate	4.00% - 4.14%		4.00% - 4.29%
Expected dividend yield	—	%	—	%

The Company maintains an annual bonus program under which bonus awards are contingent upon the achievement of corporate performance targets and individual performance objectives, and are generally settled in RSUs issued under the Company’s 2021 Plan. Bonus amounts represent fixed monetary values that are settled in a variable number of RSUs based on the Company’s stock price at the date of settlement. Participants must remain employed with the Company through the payout date to maintain eligibility for bonus awards. The requisite service period for these awards begins on the date the Compensation Committee approves the bonus plan and ends on the payout date. The 2026 bonus plan will be settled in cash for a limited number of executives and employees engaged through third-party employment arrangements. The expense for cash-based bonus awards is excluded from stock-based compensation expense.

In February 2026, the Compensation Committee approved the issuance of RSUs with an aggregate grant-date fair value of approximately $4.1 million based on actual performance against the targets set in the bonus plan for the year ended December 31, 2025. Upon issuance, 689,790 RSUs vested and were settled on a net share basis with a fair value of $2.6 million.

Pursuant to the bonus plans, the Company recognized $3.8 million and $1.0 million in stock-based compensation during the three months ended June 30, 2026 and 2025, respectively, of which the Company capitalized $0.6 million and $0.1 million, respectively, for the development of internal-use software. The Company recognized $5.8 million and $2.1 million in stock-based compensation during the six months ended June 30, 2026 and 2025, respectively, of which the Company capitalized $0.9 million and $0.2 million, respectively, for the development of internal-use software.


	Outstanding stock options	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2025	4,498,025	$	8.42
Options granted	—	$	—
Options exercised	(777,020)	$	3.90
Options canceled	(157,480)	$	12.27


Balance as of June 30, 2026	3,563,525	$	9.23	3.95	$	29,248
Vested and exercisable as of June 30, 2026	3,563,525	$	9.23	3.95	$	29,248

The Company recorded stock-based compensation under the 2021 ESPP of $0.5 million for both the three months ended June 30, 2026 and 2025, of which the Company capitalized $0.1 million for both periods for the development of internal-use software. The Company recorded stock-based compensation under the 2021 ESPP of $1.1 million and $1.0 million for the six months ended June 30, 2026 and 2025, respectively, of which the Company capitalized $0.2 million for both periods for the development of internal-use software.

As of June 30, 2026, the total unrecognized stock-based compensation expense related to the 2021 ESPP was $1.7 million and is expected to be recognized over a weighted average period of 0.6 years.

The following table summarizes the Black-Scholes option pricing model used in estimating the fair value of the stock purchase rights under the 2021 ESPP during the three months ended June 30, 2026 and 2025. There were no ESPP offerings or modification events requiring an estimation of fair value during the three months ended March 31, 2026 and 2025.


	Three Months Ended June 30,
	2026		2025
Expected term (in years)	0.5 - 2.0		0.5 - 2.0
Expected volatility	75% - 85%		61% - 70%
Risk-free interest rate	3.75% - 4.04%		3.97% - 4.32%
Expected dividend yield	—	%	—	%


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	531	$	432	$	989	$	852
Research and development	3,426		3,272		6,307		6,739
Sales and marketing	2,090		1,881		3,733		3,678
General and administrative	3,109		1,719		5,028		3,394
Total stock-based compensation expense	$	9,156	$	7,304	$	16,057	$	14,663

During the three and six months ended June 30, 2026, the Company capitalized $1.4 million and $2.3 million, respectively, of stock-based compensation for the development of internal-use software. During the three and six months ended June 30, 2025, the Company capitalized $0.8 million and $1.5 million, respectively.