v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Stock Options Activity
The following table summarizes stock option activity under the 2019 Plan (share data and aggregate intrinsic value in millions):
Stock
Options
Outstanding		Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic Value
Balance at December 31, 202534$1.76 6$2,381 
Granted—— 
Exercised(9)1.43 
Forfeited, expired, or canceled(1)3.64 
Outstanding at June 30, 2026 24$1.84 6$2,341 
Vested and expected to vest at June 30, 2026 24$1.84 6$2,341 
Exercisable at June 30, 2026 19$1.34 5$1,818 
Schedule of Restricted Stock Unit Activity The following table summarizes restricted stock unit activity under the 2019 and 2025 Plans for the periods presented (share data in millions):
SharesWeighted-
Average Fair
Value Per Share
Balance at December 31, 202526$62.06 
Granted995.97 
Vested(5)66.26 
Forfeited, expired, or canceled(1)74.53 
Unvested balance at June 30, 202629$71.52 
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense, net of capitalized costs, recognized in the Company's condensed consolidated statements of operations and comprehensive loss was as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$9 $3 $18 $5 
Technology and infrastructure60 48 115 102 
Sales and marketing12 8 25 11 
General and administrative84 86 160 211 
Total stock-based compensation expense (1)(2)
$165 $145 $318 $329 
(1) Stock-based compensation expense was net of capitalized costs related to the development of internal-use software and construction of data centers of $20 million and $12 million during the three months ended June 30, 2026 and 2025, respectively, and $35 million and $31 million during the six months ended June 30, 2026 and 2025, respectively.
(2) The Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs primarily related to the development of internal-use software, during the six months ended June 30, 2025, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition which was satisfied in connection with the IPO.