In June 2024, the Company’s board of directors authorized a $500 million share repurchase program, which was subsequently increased to $750 million, $1 billion, $2.5 billion, and $3.5 billion in November 2024, May 2025, November 2025, and April 2026, respectively.

For the three and six months ended June 30, 2026, the Company repurchased and immediately retired a total of 7,825,070 and 17,199,917 shares of its common stock, respectively, for an aggregate amount, including broker commissions, fees, and excise taxes, of $327 million and $728 million, respectively, under this share repurchase program, which, for the six months ended June 30, 2026, included shares received and immediately retired upon the completion of the ASR Agreement (as described below). As of June 30, 2026, the Company had $998 million remaining available to repurchase shares pursuant to the repurchase program.

On November 10, 2025, the Company entered into the ASR Agreement with a third-party financial institution to repurchase $250 million of the Company’s common stock. Pursuant to the terms of the ASR Agreement, the Company paid $250 million to the financial institution and received and immediately retired an initial delivery of 5,357,621 shares of common stock on November 12, 2025, representing 80% of the value of the $250 million payment. As of December 31, 2025, $50 million of the ASR Agreement was reflected as a forward contract within stockholders’ equity on the consolidated balance sheet. In January 2026, repurchases under the ASR Agreement were completed. The final number of shares of common stock repurchased was based on the VWAP of the Company’s common stock during the repurchase period, less a negotiated discount. The Company received and immediately retired an additional 553,349 shares in January 2026.

The Company’s share repurchases in excess of issuances are subject to a 1% excise tax enacted by the Inflation Reduction Act. For the three and six months ended June 30, 2026, the excise tax recognized as part of the cost basis of shares acquired was immaterial.


	As of December 31,	As of June 30,
	2025	2026

	(in thousands)
Series A redeemable convertible preferred stock	5,833	5,833
Restricted stock units	15,959	19,229
Stock options outstanding	6,489	6,018
Shares available for issuance under the 2023 Equity Incentive Plan	54,419	56,396
Shares available for issuance under the 2023 Employee Stock Purchase Plan	12,400	14,829
Total	95,100	102,305

The holders of common stock are entitled to receive dividends out of funds that are legally available, when and if declared by the board of directors and subject to the approval from the holders of the Series A redeemable convertible preferred stock. No dividends were declared or paid for the three or six months ended June 30, 2025 or 2026.

Pursuant to the automatic increase feature of the 2023 Equity Incentive Plan, during the three months ended March 31, 2026, an additional 12,143,367 shares were reserved for issuance effective January 1, 2026.


		Number of Options			Weighted-Average Exercise Price			Weighted-Average Remaining Contractual Life			Aggregate Intrinsic Value

		(in thousands)						(in years)			(in millions)
As of January 1, 2026		6,489			$	11.82		2.29			$	216

Options exercised		(471)			$	8.85





As of June 30, 2026		6,018			$	12.05		1.83			$	213
Options vested and exercisable as of June 30, 2026	6,018		$	12.05			1.83		$	213


	Number of Shares	Weighted-Average Grant-Date Fair Value per Share

	(in thousands)
Unvested and outstanding as of January 1, 2026	15,959	$	41.72
Granted	12,153	$	41.34
Vested	(7,099)	$	42.13
Vested and not settled	(47)	$	46.77
Forfeited	(1,785)	$	41.00
Unvested and outstanding as of June 30, 2026	19,181	$	41.38


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2026		2025		2026

	(in millions)
Cost of revenue	$	2	$	3	$	4	$	5
Operations and support	4		5		7		8
Research and development	58		84		92		130
Sales and marketing	18		22		30		31
General and administrative	23		27		38		46
Total stock-based compensation expense	$	105	$	142	$	172	$	221

As of June 30, 2026, there was $659 million of unrecognized stock-based compensation expense related to unvested awards which are expected to vest and to be recognized over a weighted-average period of 1.50 years.

The amount of stock-based compensation expense capitalized related to the development of internal-use software was $12 million and $9 million for the three months ended June 30, 2025 and 2026, respectively. The amount of stock-based compensation expense capitalized related to the development of internal-use software was $23 million and $21 million for the six months ended June 30, 2025 and 2026, respectively.

The Company’s board of directors adopted, and the Company’s stockholders approved, the 2023 Employee Stock Purchase Plan (“the ESPP”), which became effective immediately prior to the effectiveness of the registration statement on Form S-1 filed under the Securities Act in connection with the Company’s IPO.

As of June 30, 2026, there had been no offering period or purchase period under the ESPP, and no such period will begin unless and until determined by the Company’s board of directors, or its compensation committee under its delegation, as the administrator of the ESPP. Pursuant to the automatic increase feature of the ESPP, during the three months ended March 31, 2026, an additional 2,428,673 shares were reserved for issuance under the ESPP effective January 1, 2026.