v3.25.1
Stock-based Compensation and Stockholders' Equity (Tables)
 9 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black-Scholes Option Pricing Model
The fair value of stock option grants for the three and nine months ended March 31, 2025 and 2024 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
 Three Months Ended
March 31,		Nine Months Ended
March 31,
 2025202420252024
Risk-free interest rate
4.05% - 4.39%
4.01% - 4.09%
3.82% - 4.39%
4.01% - 4.78%
Expected term
3.00 years - 5.98 years
3.0 years - 5.99 years
3.00 years - 5.98 years
3.00 years - 5.99 years
Dividend yield—%—%—%—%
Volatility
73.06% - 95.28%
59.74% - 64.55%
63.67% - 95.28%
56.87% - 64.55%
Weighted-average fair value of options
$18.97
$29.01
$26.03
$20.58
Schedule of Stock-based Compensation Expense
The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three and nine months ended March 31, 2025 and 2024 (in thousands):
 
 Three Months Ended
March 31,		Nine Months Ended
March 31,
 2025202420252024
Cost of sales$7,060 $3,221 $17,713 $12,680 
Research and development54,254 24,856 141,590 86,005 
Sales and marketing9,923 4,993 27,245 14,998 
General and administrative13,467 23,037 44,292 42,864 
Stock-based compensation expense before taxes84,704 56,107 230,840 156,547 
Income tax impact(22,433)(47,023)(57,442)(72,641)
Stock-based compensation expense, net
$62,271 $9,084 $173,398 $83,906 
Schedule of Operational And Stock Price Milestones As of March 31, 2025, the 2021 CEO Performance Stock Option had fully vested based upon achievement of operational and stock price milestones as follows:
Annualized Revenue Milestone
(in billions)
Achievement StatusStock Price MilestoneAchievement Status
$4.0Achieved$4.50
Achieved (1)
$4.8Achieved$6.00
Achieved (2)
$5.8Achieved$7.50
Achieved (3)
$6.8Achieved$9.50
Achieved (4)
$8.0Achieved$12.00
Achieved (5)

(1)The vesting of the first tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option, representing one-fifth of such award, was certified by the Company’s Compensation Committee in August 2022.
(2)The vesting of the second tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in October 2022.
(3)The vesting of the third tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in January 2023.
(4)The vesting of the fourth tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in September 2023.
(5)The vesting of the fifth tranche of 2,000,000 option shares under the 2021 CEO Performance Stock Option representing one-fifth of such award was certified by the Company’s Compensation Committee in February 2024.
The achievement status of the operational and stock price milestones as of March 31, 2025 was as follows:

Annualized Revenue Milestone
(in billions)(1)
Achievement Status
Stock Price Milestone(1)
Achievement Status
$13.0
Achieved (6)
$45.00
Achieved (2)
$15.0
Achieved (7)
$60.00
Achieved (3)
$17.0
Achieved (8)
$75.00
Achieved (4)
$19.0
Achieved (9)
$90.00
Achieved (5)
$21.0Probable$110.00
Not yet achieved

(1)Under the terms of the 2023 CEO Performance Stock Option, the annualized revenue milestones and stock price milestones set forth in the table above must be achieved by December 31, 2028 and March 31, 2029, respectively.
(2)On March 2, 2024, the Compensation Committee certified achievement of the $45 stock price milestone based upon the 60 trading day average stock price from November 29, 2023 through February 26, 2024.
(3)On April 1, 2024, the Compensation Committee certified achievement of the $60 stock price milestone based upon the 60 trading day average stock price from December 15, 2023 through March 13, 2024.
(4)On April 1, 2024, the Compensation Committee certified achievement of the $75 stock price milestone based upon the 60 trading day average stock price from January 4, 2024 through April 1, 2024.
(5)On May 5, 2024, the Compensation Committee certified achievement of the $90 stock price milestone based upon the 60 trading day average stock price from January 31, 2024 through April 25, 2024.
(6)On February 27, 2025, the Compensation Committee certified achievement of the $13.0 billion revenue milestone based on the Company’s previous four consecutive fiscal quarters revenue as of June 30, 2024.
(7)On April 22, 2025, the Compensation Committee certified achievement of the $15.0 billion revenue milestone based on the Company’s previous four consecutive fiscal quarters revenue as of September 30, 2024.
(8)On April 22, 2025, the Compensation Committee certified achievement of the $17.0 billion revenue milestone based on the Company’s previous four consecutive fiscal quarters revenue as of September 30, 2024.
(9)On April 22, 2025, the Compensation Committee certified achievement of the $19.0 billion revenue milestone based on the Company’s previous four consecutive fiscal quarters revenue as of December 31, 2024.
Schedule of Stock Option Activity
The following table summarizes stock option activity during the nine months ended March 31, 2025 under all plans: 
Options
Outstanding		Weighted
Average
Exercise
Price per
Share
Weighted
Average
Grant Date Fair Value
Weighted
Average
Remaining
Contractual
Term (in Years)
Balance as of June 30, 202435,443,550 $17.57 $— — 
Granted3,648,725 $40.95 $26.03 — 
Exercised(4,354,877)$4.80 $— — 
Forfeited/Cancelled(666,062)$34.12 $— — 
Balance as of March 31, 202534,071,336 $21.38 $— 7.09
Options vested and expected to vest at March 31, 202534,071,336 $21.38 $— 7.09
Options exercisable at March 31, 2025
19,525,313 $8.83 $— 5.93
Schedule of Restricted Stock Unit Activity
The following table summarizes RSU activity during the nine months ended March 31, 2025 under all plans: 

Time-Based RSUs
Outstanding		Weighted
Average
Grant-Date Fair Value per Share
Balance as of June 30, 202421,272,990 $24.19 
Granted8,171,728 $40.72 
Released(7,613,580)$17.07 
Forfeited(1,137,456)$33.59 
Balance as of March 31, 202520,693,682 $32.83