Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Share Based Payment Award Stock Options Valuation Assumptions

The assumptions used to estimate the fair value of stock options are as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Risk-free interest rate		4.21	%		—	%		4.21	%		4.07	%
Expected term (in years)		2.12			—			2.12			5.89
Expected volatility		95.84	%		—	%		95.84	%		86.79	%
Dividend yield		—	%		—	%		—	%		—	%

Summary of the Stock Option Activity

The stock option activity is summarized in the following table:


	Number of Option Shares
Outstanding as of December 31, 2025		3,664,392
Replacement awards(1)		1,627,894
Granted		—
Exercised		(2,409,489	)
Canceled/Forfeited		(98,908	)
Outstanding as of September 30, 2026		2,783,889
Exercisable as of September 30, 2026		1,580,442
Exercisable and expected to vest as of September 30, 2026		2,783,889

(1)

In connection with certain acquisitions, the Company converted outstanding stock options of the acquiree into stock options to acquire common stock of the Company, for which $28.4 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration. The fair value of such stock options was estimated using the Black-Scholes option pricing model.

Summary of Performance Share Unit ("PSU") Activity

The performance-based restricted stock unit (“PSU”) activity is summarized in the following table:


	Number of PSUs
Outstanding as of December 31, 2025		5,174,871
Granted		634,739
Performance adjustments		1,472,935
Vested		(3,057,333	)
Forfeited		(267,023	)
Outstanding as of September 30, 2026		3,958,189
Expected to vest after September 30, 2026(1)		8,358,879

Represents the number of PSUs expected to vest, which may exceed the target number of shares, based on the Company’s probability assessment of expected performance during the performance period.

Summary of Stock-based Compensation Expenses for Stock Options and Unvested Common Stock

Total stock-based compensation expense for RSUs, PSUs, restricted stock, and stock option awards which are included in the condensed consolidated financial statements, is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Cost of revenue	$	14,177	$	4,247	$	46,289	$	7,125
Research and development		44,853		31,766		161,172		125,392
Sales and marketing		23,622		6,560		54,164		16,488
General and administrative		64,254		30,372		155,643		56,361
Stock-based compensation, net of amounts capitalized		146,906		72,945		417,268		205,366
Capitalized stock-based compensation—Property and equipment, net and Intangible assets, net		1,716		1,678		7,146		3,681
Total stock-based compensation	$	148,622	$	74,623	$	424,414	$	209,047

Summary of Unrecognized Stock-Based Compensation

A summary of the Company’s remaining unrecognized compensation expense and the weighted-average remaining amortization period as of September 30, 2026, related to its non-vested RSUs, PSUs, restricted stock, and stock option awards is presented below (in millions, except time period amounts):


	Unrecognized Expense		Weighted- Average Amortization Period (Years)
Restricted stock units	$	603.0		2.9
Performance-based restricted stock units		159.4		1.7
Restricted stock		364.9		3.9
Stock options		38.1		2.1

Restricted Stock Units Outstanding [Member]

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity

The restricted stock unit (“RSU”) activity is summarized in the following table:


	Number of RSUs
Outstanding as of December 31, 2025		14,456,951
Replacement awards(1)		1,143,460
Granted		12,336,279
Vested		(6,998,949	)
Forfeited		(2,422,254	)
Outstanding as of September 30, 2026		18,515,487
Expected to vest after September 30, 2026		18,515,487

(1)

In connection with certain acquisitions, the Company converted outstanding RSUs of the acquiree into RSUs of the Company, for which $12.6 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration. The fair value of such RSUs was determined using the closing market price of the Company’s common stock on the respective acquisition dates.

Restricted Stock [Member]

Schedule Of Share Based Compensation Arrangements By Share Based Paymen tAward [Line Items]

Summary of Restricted Stock Unit ("RSU") and Restricted Stock Activity

The restricted stock activity is summarized in the following table:


	Number of Restricted Stock
Outstanding as of December 31, 2025		8,034,941
Granted(1)		1,495,380
Vested		(762,784	)
Canceled/Forfeited		(63,948	)
Outstanding as of September 30, 2026		8,703,589
Expected to vest after September 30, 2026		8,703,589

(1)

In connection with certain acquisitions, the Company converted certain outstanding common stock of the acquirees into restricted stock of the Company, for which $27.3 million of the fair value was attributed to pre-combination services and was allocated to purchase consideration. The fair value of such restricted stock was determined using the closing market price of the Company’s common stock on the respective acquisition dates.