Our restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) vest based on the terms in the grant agreements and generally vest ratably over one to four years from the vesting commencement date. The following table summarizes the RSU and RSA activity for the nine months ended September 30, 2025:


	Total RSUs and RSAs	Weighted- average grant date fair value
Unvested as of December 31, 2024	11,344,247	$	37.67
Granted	1,323,695	$	129.35
Vested	(6,173,676)	$	46.37
Canceled/Forfeited	(976,856)	$	46.87
Unvested as of September 30, 2025	5,517,410	$	53.32

As of September 30, 2025, we had RSUs and RSAs outstanding for 5,517,410 common shares, of which 5,031,452 relate to Class A common stock and 485,958 relate to Class B common stock. Total unrecognized stock-based compensation expense related to RSUs and RSAs was $183.1 million as of September 30, 2025 and is expected to be recognized over a weighted-average period of 0.99 years.

Stock options vest based on terms in the stock option agreement and generally vest over five years quarterly or four years with 25% of the award vesting one year from the vesting commencement date then ratably over the following three years. The following table summarizes the stock option activity during the nine months ended September 30, 2025:


	Outstanding stock options	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
	(in thousands, except share, per share, and year data)
Balance as of December 31, 2024	14,687,538	$	30.07	6.87	$	1,958,924

Exercised	(3,416,770)	6.00
Canceled/Forfeited	(2,131)	34.34
Balance as of September 30, 2025	11,268,637	$	37.36	7.29	$	2,170,640
Vested as of September 30, 2025	5,480,337	$	29.14	6.29	$	1,100,701
Vested and expected to vest as of September 30, 2025	11,268,637	$	37.36	7.29	$	2,170,640

As of September 30, 2025, we had outstanding stock options for 11,268,637 common shares, of which 9,634,826 relate to Class A common stock and 1,633,811 relate to Class B common stock. Total unrecognized stock-based compensation expense related to stock options was $90.2 million as of September 30, 2025 and is expected to be recognized over a weighted-average period of 3.24 years.

The following table summarizes the components of stock-based compensation expense recognized in the consolidated statements of operations for all periods presented:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024

Cost of revenue	$	212	$	70	$	633	$	389
Research and development	51,635		41,343		160,908		387,801
Sales and marketing	10,883		7,451		31,219		75,116
General and administrative	20,788		25,894		65,242		253,226
Stock-based compensation expense	$	83,518	$	74,758	$	258,002	$	716,532