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Stock-based Compensation (Tables)
6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock-based Compensation Expense
Stock-based compensation expense included in the condensed consolidated statements of operations data above was as follows (in thousands):
 
 Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Infrastructure and trust & safety$7,797 $915 $13,485 $3,719 
Research and development51,626 3,957 83,220 20,680 
General and administrative18,929 1,872 30,176 20,304 
Sales and marketing3,307 665 5,522 4,963 
Total stock-based compensation$81,659 $7,409 $132,403 $49,666 
Summary of Summarizes the Company's Stock Option Activity
The following table summarizes the Company’s stock option activity: 
 Options Outstanding
 Number of
Shares
Subject to
Options
Weighted-
Average
Exercise
Price
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
 (in thousands)  (in thousands)
Balances as of December 31, 202098,502 $2.55 7.76$3,838,994 
Granted— — 
Cancelled(1,119)$3.88 
Exercised(24,139)$1.73 
Balances as of June 30, 202173,244 $2.79 7.46$6,385,925 
Exercisable as of June 30, 202134,089 $1.58 6.46$3,013,482 
Vested and expected to vest at June 30, 202173,244 $2.79 7.46$6,385,925 
Summary of Company's Restricted Stock Units and Unregistered Restricted Stock Awards Activity
The following table summarizes the Company’s restricted stock units and unregistered restricted stock awards (unregistered RSAs) activity:
 Restricted Stock UnitsRestricted Stock Awards
 Number of
Shares
Weighted-
Average
grant date
fair value
Number of
Shares
Weighted-
Average
grant date
fair value
 (in thousands) (in thousands) 
Unvested as of December 31, 20203,061 $31.55 388 $37.75 
Granted7,126 $77.21 — — 
Released(3)$77.00 (32)$37.75 
Cancelled(92)$32.01 — — 
Unvested as of June 30, 202110,092 $63.69 356 $37.75 
Summary of Measured Based on An Average of Our Stock Price The CEO Long-Term Performance Award is divided into seven tranches that are eligible to vest based on the achievement of stock price goals, each a Company Stock Price Hurdle, measured based on an average of our stock price over a consecutive 90-day trading period applicable to the performance period as set forth below.
Company Stock
Price Hurdle
Number of RSUs
Eligible to Vest
Performance
Period
Commencement
Dates as Measured
from the Effective
Date
1$165.00 750,000 2 years
2$200.00 750,000 3 years
3$235.00 2,000,000 4 years
4$270.00 2,000,000 5 years
5$305.00 2,000,000 5 years
6$340.00 2,000,000 5 years
7$375.00 2,000,000 5 years
Summary of Employee Stock Purchase Plan
The following table summarizes the weighted-average assumptions used in estimating the fair value of 2020 ESPP for the initial offering period using the Black-Scholes option-pricing model:
 
 Six Months Ended
 June 30, 2021
Risk-free interest rate0.06%-0.15%
Expected volatility53.77%-56.9%
Dividend yield—%
Expected terms (in years)0.44-1.95