v3.26.3
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cost of revenue$4,972 $9,111 $19,926 $28,084 
Research and development32,379 46,061 113,894 147,706 
Sales and marketing9,227 17,894 36,679 57,063 
General and administrative17,455 18,902 50,647 59,509 
Total stock-based compensation expense$64,033 $91,968 $221,146 $292,362 
Schedule of Stock Option Activity
A summary of our stock option, including price-vested options ("PVO"), activity is as follows:
Options Outstanding
Stock
Options
Outstanding		Weighted-Average
Exercise
Price		Weighted-Average
Remaining
Contractual
Term
(In Years)
Balance as of December 31, 202512,474,347 $25.39 4.40
Exercised(2,284,315)$18.25 
Forfeited, cancelled, or expired(709,142)$64.72 
Balance as of September 30, 20269,480,890 $24.17 4.02
Schedule of Restricted Stock Unit Activity
A summary of our restricted stock units ("RSU"), including price-vested units ("PVU"), and performance-based restricted stock units ("PSU"), activity is as follows:
Unvested RSUs
Number of
Shares		Weighted-Average
Grant-Date
Fair Value
Unvested as of December 31, 202524,927,722 $25.18 
Granted14,366,286 $23.40 
Vested(8,097,823)$25.29 
Forfeited(6,135,025)$23.94 
Unvested as of September 30, 202625,061,160 $24.43 
Schedule of Grant-Date Fair Value of Stock Options Granted
The calculated grant-date fair value of stock options, PVUs, and PVOs granted, were estimated using the Black-Scholes option-pricing model for stock options, and a Monte Carlo simulation for the PVUs and PVOs, with the following assumptions:
Three Months Ended September 30,Nine Months Ended September 30,
202620262025
Expected dividend yield———
Risk-free interest rate4.3%4.3%4.1%
Expected volatility76.2%76.2%69.5%
Expected term (in years)5.005.006.25
Fair value of underlying common stock$45.45$45.45$24.72
Schedule of Grant-Date Fair Values of ESPP The following table summarizes the assumptions used and the resulting grant-date fair values of our ESPP:
Three Months Ended September 30,Nine Months Ended September 30,
20252025
Expected dividend yield——
Risk-free interest rate4.0%
4.0% - 4.3%
Expected volatility72.4%
72.4% - 73.4%
Expected term (in years)0.500.50
Grant-date fair value per share$14.03
$9.26 - $14.03
Schedule of Additional Information Related to ESPP
Additional information related to the ESPP is provided below (in thousands, except per share amounts):
Three Months Ended September 30,Nine Months Ended September 30,
202520262025
Shares issued under the ESPP438,133558,3511,132,006
Weighted-average price per share issued$20.14$15.49$16.49