As of December 31, 2025, we are authorized to issue 3,000,000,000 shares of Class A non-voting common stock, 700,000,000 shares of Class B voting common stock, and 260,887,848 shares of Class C voting common stock, each with a par value of $0.00001 per share. Class A common stockholders have no voting rights, Class B common stockholders are entitled to one vote per share, and Class C common stockholders are entitled to ten votes per share. Shares of our Class B common stock are convertible into an equivalent number of shares of our Class A common stock and generally convert into shares of our Class A common stock upon transfer. Shares of our Class C common stock are convertible into an equivalent number of shares of our Class B common stock and generally convert into shares of our Class B common stock upon transfer. Any dividends paid to the holders of the Class A common stock, Class B common stock, and Class C common stock will be paid on a pro rata basis. For the year ended December 31, 2025, we did not declare any dividends. On a liquidation event, as defined in our certificate of incorporation, any distribution to common stockholders is made on a pro rata basis to the holders of the Class A common stock, Class B common stock, and Class C common stock.

As of December 31, 2025, there were 1,502,073,263 shares issued and 1,457,403,389 shares outstanding of Class A common stock, and 22,523,290 shares and 231,626,943 shares issued and outstanding of Class B common stock and Class C common stock, respectively.

We maintain one active stock-based employee compensation plan, the 2017 Equity Incentive Plan (the “2017 Plan”). In January 2017, our board of directors adopted the 2017 Plan, and in February 2017, our stockholders approved the 2017 Plan, effective on March 1, 2017. The 2017 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options, stock appreciation rights, RSAs, RSUs, performance stock awards, performance cash awards, and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates. The maximum term for stock options granted under the 2017 Plan may not exceed ten years from the date of grant. The 2017 Plan will terminate ten years from the date our board of directors approved the plan, unless it is terminated earlier by our board of directors.

The number of shares reserved for issuance under the 2017 Plan will increase automatically on January 1st of each calendar year, beginning on January 1, 2018 through January 1, 2027, by the lesser of (i) 5.0% of the total number of shares of our capital stock outstanding on December 31st of the immediately preceding calendar year, and (ii) a number determined by our board of directors. As of December 31, 2025, there were 96,392,672 shares of our Class A common stock reserved for future issuance under the 2017 Plan.

In January 2017, our board of directors adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). Our stockholders approved the 2017 ESPP in February 2017. The 2017 ESPP became effective in connection with the IPO. A total of 16,484,690 shares of Class A common stock were initially reserved for issuance under the 2017 ESPP. No shares of our Class A common stock have been issued or offered under the 2017 ESPP. The number of shares of our Class A common stock reserved for issuance will automatically increase on January 1st of each calendar year, beginning on January 1, 2018 through January 1, 2027, by the lesser of (i) 1.0% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of the automatic increase, and (ii) 15,000,000 shares; provided that before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). As of December 31, 2025, there were 16,484,690 shares of our Class A common stock reserved for future issuance under the 2017 ESPP.


	Number of Class A Shares	Weighted- Average Grant Date Fair Value

	(in thousands, except per share data)
Unvested as of December 31, 2024	134,253	$	11.90
Granted	175,226	$	8.51
Vested	(107,610)	$	10.89
Forfeited	(34,495)	$	10.79
Unvested as of December 31, 2025	167,374	$	9.23

The weighted-average grant date fair value of RSUs and RSAs granted for the years ended December 31, 2025, 2024 and 2023 was $8.51, $12.92, and $10.41, respectively. The total fair value of RSUs and RSAs vested for the years ended December 31, 2025, 2024, and 2023 was $0.9 billion, $0.9 billion, and $1.0 billion, respectively.


	Number of Class A Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (1)

	(in thousands, except per share and year data)
Outstanding as of December 31, 2024	680	$	16.01	4.51	$	253
Granted	—	$	—	—	$	—
Exercised	(58)	$	6.43	—	$	—
Forfeited	(103)	$	12.56	—	$	—
Outstanding as of December 31, 2025	519	$	17.77	3.74	$	—
Exercisable as of December 31, 2025	519	$	17.77	3.74	$	—
Vested and expected to vest as of December 31, 2025	519	$	17.77	3.74	$	—

There were no stock options granted for the years ended December 31, 2025, 2024 and 2023, and no stock-based compensation expense from stock options for the years ended December 31, 2025 and 2024. Stock-based compensation expense from stock options for the year ended December 31, 2023 was not material.

There were no stock options that vested for the years ended December 31, 2025 and 2024. The total grant date fair value of stock options that vested for the year ended December 31, 2023 was $1.1 million. The intrinsic value of stock options exercised for the years ended December 31, 2025, 2024, and 2023 was $0.1 million, $1.4 million, and $12.3 million, respectively.


	Year Ended December 31,
	2025		2024		2023

	(in thousands)
Cost of revenue	$	7,426	$	6,034	$	9,555
Research and development	680,602		683,830		893,026
Sales and marketing	198,013		216,672		255,688
General and administrative	130,784		134,487		165,735
Total	$	1,016,825	$	1,041,023	$	1,324,004

In November 2025, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. Under this program, we repurchased and retired 29.4 million shares of our Class A common stock for $250.3 million, including costs associated with the repurchases. As of December 31, 2025, the remaining availability under the stock repurchase authorization was $250.0 million. This program was completed in January 2026.

In October 2024, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. The program was completed in the second quarter of 2025. During the program, we repurchased and subsequently retired 57.3 million shares of our Class A common stock for an aggregate of $500.6 million, representing the entire amount approved by our board of directors and the costs associated with the repurchases.

In October 2023, our board of directors authorized a stock repurchase program of up to $500.0 million of our Class A common stock. The program was completed in the second quarter of 2024. During the program, we repurchased and subsequently retired 46.3 million shares of our Class A common stock for an aggregate of $500.5 million, representing the entire amount approved by our board of directors and the costs associated with the repurchases.