v3.26.1
Stockholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Common Stock Reserved for Future Issuance
The following table summarizes the Company’s shares of common stock reserved for future issuance on an as-converted basis:


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 
Schedule of Stock Options Roll Forward
The following table summarizes the activity related to the Company’s stock options during the six months ended June 30, 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 
Schedule of Nonvested Restricted Stock Units Activity
The following table summarizes the activity related to the Company’s restricted stock units (“RSUs”) during the six months ended June 30, 2026:

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 
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount
The following table summarizes stock-based compensation expense by line item in the condensed consolidated statements of operations:

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