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 three months ended March 31, 2026:


	Total RSUs and RSAs	Weighted- average grant date fair value
Unvested as of December 31, 2025	4,460,851	$	58.71
Granted	533,879	$	148.03
Vested	(1,236,513)	$	69.37
Canceled/Forfeited	(109,065)	$	71.07
Unvested as of March 31, 2026	3,649,152	$	67.79

As of March 31, 2026, we had RSUs and RSAs outstanding for 3,649,152 common shares, of which 3,237,957 relate to Class A common stock and 411,195 relate to Class B common stock. Total unrecognized stock-based compensation expense related to RSUs and RSAs was $162.3 million as of March 31, 2026 and is expected to be recognized over a weighted-average period of 0.90 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 three months ended March 31, 2026:


	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, 2025	10,852,131	$	38.38	7.14	$	2,078,120

Exercised	(441,193)	11.12

Balance as of March 31, 2026	10,410,938	$	39.53	7.02	$	990,280
Vested as of March 31, 2026	5,513,146	$	34.54	6.38	$	551,903
Vested and expected to vest as of March 31, 2026	10,410,938	$	39.53	7.02	$	990,280

As of March 31, 2026, we had outstanding stock options for 10,410,938 common shares, of which 8,917,603 relate to Class A common stock and 1,493,335 relate to Class B common stock. Total unrecognized stock-based compensation expense related to stock options was $76.3 million as of March 31, 2026 and is expected to be recognized over a weighted-average period of 2.74 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 March 31,
	2026		2025
	(in thousands)
Cost of revenue	$	145	$	217
Research and development	42,410		52,610
Sales and marketing	5,823		10,138
General and administrative	19,958		22,449
Stock-based compensation expense	$	68,336	$	85,414