Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense

Stock-based compensation expense for restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), stock options, purchase rights issued under our employee stock purchase plan, and earnout consideration and key employee consideration shares related to acquisitions was classified in the accompanying unaudited condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock-based compensation expense:
Cost of revenue	$	1,586	$	2,580	$	3,302	$	4,844
Research and development	9,242		10,250		17,648		20,636
Sales and marketing	4,443		7,451		9,514		14,692
General and administrative	4,554		7,300		9,251		14,560
Total stock-based compensation expense	$	19,825	$	27,581	$	39,715	$	54,732

Summary of Restricted Stock and Restricted Stock Unit Activity

RSUs and PSUs activity classified as equity during the six months ended June 30, 2026 was as follows:


	Shares	Weighted Average Grant Date Fair Value








Unvested balance as of December 31, 2025	3,970,517	$	33.48
Granted	5,146,939	6.67
Vested	(899,634)	42.40
Forfeited	(720,497)	31.68
Unvested balance as of June 30, 2026	7,497,325	$	14.18

Summary of Performance Stock Unit Activity Classified as Liability

PSUs activity classified as liability during the six months ended June 30, 2026 was as follows:


	Shares	Weighted Average Grant Date Fair Value








Unvested balance as of December 31, 2025	—	$	—
Granted	4,313,750	3.19

Forfeited	(168,750)	1.81
Unvested balance as of June 30, 2026	4,145,000	$	3.25

Summary of Share-Based Payment Arrangement, Option, Exercise Price Range

The stock price thresholds and related payout percentages between the two plans are as follows:


	Price Hurdles
	Below $15.00	$15.00	$17.50	$20.00	$25.00	$30.00 or Higher
Plan 1	—%	50%	75%	100%	125%	150%
Plan 2	—%	—%	—%	100%	125%	150%

Summary of Derivative Liabilities at Fair Value

The following table summarizes the assumptions used in the Monte Carlo simulation model to estimate the fair value of the liability-classified PSUs as of June 30, 2026:


	Grant Date			As of June 30, 2026
	Plan 1(1)	Plan 1(2)	Plan 2(1)	Plan 1	Plan 2
Expected term (in years)	3.00	2.79	3.00	2.75	2.75
Expected volatility	50.1%	51.6%	50.1%	52.1%	52.1%
Risk-free interest rate	3.85%	4.07%	3.85%	4.12%	4.12%
Expected dividend yield	—%	—%	—%	—%	—%
Fair value per unit	$2.37	$4.42	$1.81	$5.87	$4.85

(1) PSUs granted March 31, 2026

(2) PSUs granted June 15, 2026

Summary of Stock Option Activity

The following table summarizes information about stock option activity during the reporting periods:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)








Outstanding as of December 31, 2025	223,232	$	13.38		$	498


Forfeited/cancelled	(9,250)	18.50
Outstanding as of June 30, 2026	213,982	13.16		0.50	—
Vested and exercisable as of June 30, 2026	213,982	$	13.16	0.50	$	—