The aggregate intrinsic value disclosed in the above table is based on the difference between the exercise price of the stock option and the estimated fair value of the Class A common stock as of the respective period-end dates.


	Total RSUs			Stock Price Target and GMS Performance RSUs			Other RSUs
	Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value		Shares	Weighted-Average Grant Date Fair Value
Unvested as of December 31, 2025	19,844,438	$	33.27	12,410,483	$	30.81	7,433,955	$	37.38
Granted	28,294,957	$	7.65	—	$	—	28,294,957	$	7.65
Forfeited	(1,987,672)	$	15.70	—	$	—	(1,987,672)	$	15.70
Vested and released	(9,014,978)	$	12.32	—	$	—	(9,014,978)	$	12.32
Vested but unreleased	(2,466,369)	$	14.64	(325,000)	$	35.69	(2,141,369)	$	11.44
Unvested as of June 30, 2026	34,670,376	$	20.16	12,085,483	$	30.68	22,584,893	$	14.53
Vested but unreleased as of June 30, 2026	2,466,369	$	14.64	325,000	$	35.69	2,141,369	$	11.44
Outstanding as of June 30, 2026	37,136,745	$	19.79	12,410,483	$	30.81	24,726,262	$	14.26

The weighted-average grant date fair value of RSUs granted during the six months ended June 30, 2026 and 2025 was $7.65 and $38.60 per share, respectively. The fair value of RSUs vested was $100.8 million and $0.1 million during the six months ended June 30, 2026 and 2025, respectively.

In the year ended December 31, 2023, the Company granted 7,116,935 RSUs that contained market, performance, and service conditions. The Company recognized $2.2 million and zero expense for the three months ended June 30, 2026 and 2025, respectively, and $5.7 million and zero for the six months ended June 30, 2026 and 2025, respectively, related to these awards. As of June 30, 2026, there was $1.2 million unrecognized stock-based compensation expense to be recognized over a weighted-average period of 0.3 years.

In February 2024, the Company granted 462,500 RSUs that contained service, performance and market conditions. In August 2025, the 462,500 RSUs were forfeited upon the separation of the employee from the Company. The Company recognized stock-based compensation expense of zero and $2.1 million for the three months ended June 30, 2026 and 2025, and zero and $4.3 million for the six months ended June 30, 2026 and 2025, respectively.

In the year ended December 31, 2023, the Company granted 4,023,387 RSUs that contain performance and service conditions. The Company also granted an additional 3,093,548 RSUs that contain these same performance and service conditions with additional market conditions. The Company recognized $5.2 million and zero expense for the three months ended June 30, 2026 and 2025, respectively, and $9.4 million and zero for the six months ended June 30, 2026 and 2025, respectively, related to these awards. As of June 30, 2026, there was $27.7 million unrecognized stock-based compensation expense to be recognized over a weighted-average period of 2.3 years.

As of June 30, 2026, the remaining RSUs, as shown in the above table, contained a service condition and/or a performance condition that is met upon the occurrence of a liquidity event defined within the terms of the award. The liquidity event was met upon the occurrence of the IPO. The Company recognized $89.3 million and zero expense for the three months ended June 30, 2026 and 2025, respectively, and $119.4 million and zero for the six months ended June 30, 2026 and 2025, respectively, related to these awards. As of June 30, 2026, there was $188.4 million unrecognized stock-based compensation expense to be recognized over a weighted-average period of 2.5 years.

Common Stock Warrants—During the six months ended June 30, 2025, 276,657 common stock warrants were exercised through a net share settlement using a cashless exercise. The total intrinsic value of common stock warrants exercised for the six months ended June 30, 2025 was $10.7 million.

During the six months ended June 30, 2025, the Company recorded $3.0 million of stock-based compensation expense. As of June 30, 2026, there was zero common stock warrants outstanding or authorized for future issuance.

Stock-Based Compensation Expense—Stock-based compensation expense totaled $69.0 million and $2.0 million for the three months ended June 30, 2026 and 2025, respectively, and $100.0 million and $7.5 million for the six months ended June 30, 2026 and 2025, respectively.

The income tax benefit recognized in the condensed consolidated statements of operations on stock-based compensation expense was zero and $0.9 million for the three months ended June 30, 2026 and 2025, respectively, and zero and $2.4 million for the six months ended June 30, 2026 and 2025, respectively.