v3.26.1
Equity
 6 Months Ended
Aug. 01, 2026
Equity [Abstract]  
Equity Equity
The Company had reserved shares of common stock for future issuance as of August 1, 2026 and January 31, 2026, as follows:
As of
August 1, 2026January 31, 2026
2015 Equity Incentive Plan:
Options outstanding5,392,6225,406,188
2021 Equity Incentive Plan:
Restricted stock units (“RSUs”) outstanding
21,421,17217,331,045
Shares available for future grants130,917,369109,926,401
2021 Employee Stock Purchase Plan:
Shares available for future issuance31,230,28126,034,934
Total shares of common stock reserved for future issuance188,961,444158,698,568
Employee Compensation Plans
The Company currently has two equity incentive plans, the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2021 Equity Incentive Plan (the “2021 Plan”). The 2015 Plan was terminated in connection with the adoption of the 2021 Plan in December 2021 but continues to govern the terms of outstanding stock options and RSUs that were granted prior to the termination of the 2015 Plan. The Company no longer grants equity awards pursuant to the 2015 Plan.
2021 Equity Incentive Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Plan, which became effective in December 2021 in connection with the Company’s initial public offering (“IPO”). The total number of shares of the Company’s Class A common stock reserved for future grants as of August 1, 2026 includes 29,035,779 shares added on the first day of fiscal year 2027 pursuant to the annual automatic evergreen increase provision of the 2021 Plan.
Options—The stock options activity under the 2015 Plan during the six months ended August 1, 2026 was as follows (the number of options represents shares of common stock exercisable in respect thereof):
Number of SharesWeighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(in years)
Aggregate Intrinsic Value (1)
(in thousands)
Balance as of January 31, 20265,406,188$5.624.0$121,266
Granted—$—
Exercised(13,566)$1.07
Forfeited, canceled, or expired—$—
Balance as of August 1, 20265,392,622$5.643.4$170,620
Exercisable as of August 1, 20265,392,622$5.643.4$170,620
__________
(1)Aggregate intrinsic value for stock options represents the difference between the exercise price and the per share fair value of the Company’s Class A common stock for each period end presented, multiplied by the number of stock options outstanding or exercisable as of each period end presented.
The intrinsic value of stock options exercised was $0.4 million and $1.2 million during the six months ended August 1, 2026 and August 2, 2025, respectively.
As of August 1, 2026, the Company had no remaining unrecognized stock-based compensation expense related to outstanding stock options.
RSUs—A summary of the RSUs activity under the 2015 Plan and 2021 Plan during the six months ended August 1, 2026 is presented below:
Number of SharesWeighted-Average
Grant-Date
Fair Value
Balance as of January 31, 202617,331,045$31.53
Granted12,983,201$31.60
Vested(6,063,580)$27.32
Forfeited(2,829,494)$32.54
Balance as of August 1, 202621,421,172$32.63
As of August 1, 2026, unrecognized stock-based compensation expense related to outstanding unvested RSUs for employees that are expected to vest was approximately $659.7 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 1.5 years.
2021 Employee Stock Purchase Plan—In December 2021, the Board of Directors adopted and stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective in December 2021 in connection with the IPO. The total number of shares of the Company’s Class A common stock reserved for future issuance as of August 1, 2026 includes 5,807,155 shares added on the first day of fiscal year 2027 pursuant to the annual automatic evergreen increase provision of the 2021 ESPP.
The price at which Class A common stock is purchased under the 2021 ESPP is equal to 85% of the lower of the fair market value of a share of the Company’s Class A common stock on the enrollment date or on the exercise date. The enrollment date means the first trading day of each offering period, and the exercise date means the last trading day of each purchase period. Offering periods are generally 12 months long, commencing on the first trading day on or after June 11 and December 11 of each year and terminating on the last trading day on or before June 10 and December 10 of each year. Purchase periods are generally six months long, commencing on the first trading day after one exercise date and ending with the next exercise date.
For the six months ended August 1, 2026 and August 2, 2025, 616,907 and 582,745 shares of Class A common stock were purchased under the 2021 ESPP, resulting in net cash proceeds of $17.1 million and $18.7 million, respectively.
As of August 1, 2026, unrecognized stock-based compensation expense related to the 2021 ESPP was approximately $7.2 million. The remaining unrecognized stock-based compensation expense is expected to be recognized over a weighted-average period of approximately 0.7 years.
Employee Stock Purchase Plan Valuation—The Company estimates the fair value of shares to be issued under the 2021 ESPP using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates that affect fair value. The weighted-average assumptions used to estimate the fair value of shares to be issued under the 2021 ESPP were as follows:
Six Months Ended
August 1, 2026August 2, 2025
Expected volatility
56.6% – 62.8%
51.7% – 57.6%
Expected term (years)
0.5 – 1.0
0.5 – 1.0
Risk-free interest rate
3.8% – 3.9%
4.1% – 4.3%
Expected dividend yield0.0%0.0%
Expected volatility—The expected stock price volatility is based on the Company’s historical volatility for the expected term of the stock-based award.
Expected term—The expected term is approximately 0.5 years for the first purchase period and approximately 1.0 year for the second purchase period.
Risk-free interest rate—The risk-free interest rate assumption is based on observed U.S. Treasury yield curve interest rates in effect at the time of grant for the expected term of the stock-based award.
Expected dividend yield—Because the Company has never paid and has no current intention to pay cash dividends on its common stock, the expected dividend yield is zero.
Stock-Based Compensation Expense—Stock-based compensation expense, by grant type, was as follows (in thousands):
Three Months EndedSix Months Ended
August 1, 2026August 2, 2025August 1, 2026August 2, 2025
RSUs$93,512 $78,086 $167,770$152,148
Employee stock purchase plan2,873 3,049 6,0866,066
Total stock-based compensation expense$96,385 $81,135 $173,856$158,214
Stock-based compensation expense included in the following line items of the Company’s condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):
Three Months EndedSix Months Ended
August 1, 2026August 2, 2025August 1, 2026August 2, 2025
Cost of revenue$3,801 $3,620 $7,363$6,867
Research and development36,210 29,859 66,22156,879
Sales and marketing28,357 23,836 51,52947,384
General and administrative28,017 23,820 48,74347,084
Total stock-based compensation expense$96,385 $81,135 $173,856$158,214