v3.26.1
Equity (Tables)
 6 Months Ended
Aug. 01, 2026
Equity [Abstract]  
Schedule of Reserved Shares of Common Stock for Future Issuance
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
Schedule of Stock Options Activity 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.
Schedule of RSU Activity 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
Schedule of Weighted Average Assumptions Used to Estimate Fair Value of ESPP Shares 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%
Schedule of 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