v3.26.3
Stock-Based Compensation and Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2026
Compensation Related Costs [Abstract]  
Schedule of Employee and Non-Employee Stock-Based Compensation Expense
The following table summarizes the components of stock-based compensation expense in the condensed consolidated statements of operations (in thousands):
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Cost of revenue$9,048 $5,719 $29,128 $16,262 
Research and development13,153 8,205 39,345 23,945 
Sales and marketing14,862 7,145 42,750 16,975 
General and administrative23,046 17,084 62,292 43,350 
$60,109 $38,153 $173,515 $100,532 
Schedule of Stock Option Activity
The following table summarizes the stock option activity under our stock plans during the reporting period:
Outstanding Options
Number of
Shares		Weighted
Average
Exercise
Price		Remaining
Contractual
Life (Years)		Aggregate
Intrinsic
Value
(in thousands)
Balances at December 31, 2025
5,741,283 $15.92 4.5$406,957 
Exercised(881,422)18.92 
PSOs adjustment119,970 — 
Forfeited / Expired
(246)30.96 
Balances at September 30, 2026
4,979,585 15.44 4.21,286,171 
Vested and expected to vest at September 30, 2026
4,808,004 15.53 4.11,257,071 
Exercisable at September 30, 2026
3,595,498 $17.28 2.9$933,766 
The unamortized compensation expense for the 2021—2026 Executive Awards, the CEO Award, and the Replacement Awards was as follows (in millions):
September 30,December 31,
20262025
2026 Executive Awards and the CEO Award$99.0 $— 
2025 Executive Awards
10.8 19.9 
2024 Executive Awards and the Replacement Awards
46.2 77.4 
2023 Executive Awards
0.1 0.6 
2022 Executive Awards
— 0.3 
2021 Executive Awards
— 0.6 
The following table presents the stock activity and the total number of shares available for grant under our stock plans:
Plan Shares Available
for Grant
Balances at December 31, 2025
39,709,996 
Added to plan11,934,957 
Granted(1,248,007)
Cancelled/Forfeited580,359 
Expired(313)
Balances at September 30, 2026
50,976,992 
Schedule of Weighted-Average Valuation Assumptions The following weighted-average assumptions were used to estimate the fair value of the Warrant on April 9, 2026, and the commitment to issue the Warrant on December 31, 2025:
April 9,December 31,
20262025
Risk-free interest rate3.7%3.6%
Expected term (years)0.50.5
Expected dividend yield——
Expected volatility115.0%96.2%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the stock options valuation:
Three Months Ended September 30,Nine Months Ended September 30,
20252025
Risk-free interest rate
 3.9%
3.9%—4.1%
Expected term (years)6.16.1
Expected dividend yield——
Expected volatility
93.9%
93.4%—93.9%
We used the following weighted-average assumptions in applying the Black-Scholes valuation model for determination of the 2018 ESPP share valuation:
Three Months EndedNine Months Ended
September 30,September 30,
2026202520262025
Risk-free interest rate
3.4%—4.2%
3.8%—4.3%
 3.4%—4.2%
3.8%—5.0%
Expected term (years)
0.5—2.0
0.5—2.0
0.5—2.0
0.5—2.0
Expected dividend yield
—
—
—
—
Expected volatility
96.7%—119.3%
80.5%—115.2%
80.5%—119.3%
66.2%—115.2%
Schedule of Stock Award Activity
A summary of our stock awards activity and related information is as follows:
Number of
Awards
Outstanding		Weighted
Average Grant
Date Fair
Value
Unvested Balance at December 31, 2025
12,292,948 $25.74 
Granted1,248,007 180.13 
Vested(3,849,222)19.91 
Forfeited(372,418)34.75 
Unvested Balance at September 30, 2026
9,319,315 $48.46