v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$7,572 $9,861 $14,954 $18,973 
Research and development42,590 51,051 81,515 101,645 
Sales and marketing13,281 19,208 27,452 39,169 
General and administrative16,505 21,484 33,192 40,607 
Total stock-based compensation expense$79,948 $101,604 $157,113 $200,394 
Schedule of Stock Option Activity
A summary of our stock option, including price-vested options ("PVO"), activity is as follows:
Options Outstanding
Stock
Options
Outstanding		Weighted-Average
Exercise
Price		Weighted-Average
Remaining
Contractual
Term
(In Years)
Balance as of December 31, 202512,474,347 $25.39 4.40
Exercised(687,834)$10.97 
Forfeited, cancelled, or expired(586,602)$61.09 
Balance as of June 30, 202611,199,911 $24.41 3.98
Schedule of Restricted Stock Unit Activity
A summary of our restricted stock units ("RSU"), including price-vested units ("PVU"), and performance-based restricted stock units ("PSU"), activity is as follows:
Unvested RSUs
Number of
Shares		Weighted-Average
Grant-Date
Fair Value
Unvested as of December 31, 202524,927,722 $25.18 
Granted11,913,193 $20.35 
Vested(5,882,630)$25.38 
Forfeited(3,314,342)$23.80 
Unvested as of June 30, 202627,643,943 $23.23 
Schedule of Grant-Date Fair Value of Stock Options Granted
The calculated grant-date fair value of stock options, PVUs, and PVOs granted, were estimated using the Black-Scholes option-pricing model for stock options, and a Monte Carlo simulation for the PVUs and PVOs, with the following assumptions:
Six Months Ended June 30,
2025
Expected dividend yield—
Risk-free interest rate4.1%
Expected volatility69.5%
Expected term (in years)6.25
Fair value of underlying common stock$24.72
Schedule of Grant-Date Fair Values of ESPP The following table summarizes the assumptions used and the resulting grant-date fair values of our ESPP:
Six Months Ended June 30,
2025
Expected dividend yield—
Risk-free interest rate4.3%
Expected volatility73.4%
Expected term (in years)0.50
Grant-date fair value per share$9.26
Schedule of Additional Information Related to ESPP
Additional information related to the ESPP is provided below (in thousands, except per share amounts):
Six Months Ended June 30,
20262025
Shares issued under the ESPP558,351693,873
Weighted-average price per share issued$15.49$14.19