v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense is as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$7,382 $9,112 
Research and development38,925 50,594 
Sales and marketing14,171 19,961 
General and administrative16,687 19,123 
Total stock-based compensation expense$77,165 $98,790 
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(262,821)$11.39 
Forfeited, cancelled, or expired(198,085)$50.60 
Balance as of March 31, 202612,013,441 $25.28 4.20
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 
Granted10,255,886 $19.23 
Vested(2,722,120)$25.94 
Forfeited(1,065,152)$24.26 
Unvested as of March 31, 202631,396,336 $23.20 
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 stimulation for the PVUs and PVOs, with the following assumptions:
Three Months Ended March 31,
2025
Expected dividend yield—
Risk-free interest rate4.1%
Expected volatility69.5%
Expected term (in years)6.25
Fair value of underlying common stock$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 March 31,
2025
Expected dividend yield—
Risk-free interest rate4.3%
Expected volatility73.4%
Expected term (in years)0.50
Grant-date fair value per share$9.26
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 March 31,
20262025
Shares issued under the ESPP558,351693,873
Weighted-average price per share issued$15.49$14.19