Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Income (Loss) Before Income Taxes

The domestic and foreign components of income (loss) before income taxes were as follows (in millions):

	Year Ended December 31,
	2021		2022		2023
Domestic	$	(390)	$	1,820	$	1,913
Foreign	90		169		189
Income (loss) before income taxes	$	(300)	$	1,989	$	2,102

Schedule of Components of Provision (Benefit) Income Taxes

The components of the provision for (benefit from) income taxes were as follows (in millions):

	Year Ended December 31,
	2021		2022		2023
Current
Federal	$	5	$	19	$	19
State	2		10		8
Foreign	34		68		158
Total current provision for income taxes	41		97		185
Deferred
Federal	—		—		(2,410)
State	—		—		(461)
Foreign	11		(1)		(4)
Total deferred provision for (benefit from) income taxes	11		(1)		(2,875)
Total provision for (benefit from) income taxes	$	52	$	96	$	(2,690)

Schedule of Reconciliation of Statutory Federal Income Tax Rate to Effective Tax Rate

The following is a reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

	Year Ended December 31,
	2021		2022		2023
Expected income tax expense at federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefits	(0.7)		0.4		0.3
Foreign tax rate differential	(5.1)		1.0		2.9
Stock-based compensation	282.4		(6.9)		(16.7)
Deferred tax impacts of restructuring	(9.7)		—		—
Other statutorily non-deductible expenses	(1.1)		0.3		0.1
Non-deductible warrant revaluations	(20.4)		(0.1)		—
Research and development credits	51.0		(4.7)		(5.5)
Uncertain tax positions—prior year positions	(3.1)		0.1		1.8
Uncertain tax positions—current year positions	(1.0)		0.8		1.7
U.S. tax on foreign income, net of allowable credits and deductions	—		0.7		3.9
Foreign-derived intangible income deduction	—		(1.9)		(1.0)
Other	1.3		0.1		0.1
Change in valuation allowance	(331.9)		(6.0)		(136.6)
Effective tax rate	(17.3)	%	4.8	%	(128.0)	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities consisted of the following (in millions):

	December 31,
	2022		2023
Deferred tax assets:
Net operating loss carryforwards	$	1,539	$	1,232
Tax credit carryforwards	664		844
Accruals and reserves	123		113
Non-income tax accruals	68		78
Stock-based compensation	111		70
Operating lease liabilities	73		62
Intangible assets	188		158
Capitalized research and development costs	413		671
Other	37		55
Gross deferred tax assets	3,216		3,283
Valuation allowance	(3,166)		(364)
Total deferred tax assets	50		2,919
Deferred tax liabilities:
Property and equipment basis differences	(9)		(18)
Operating lease assets	(23)		(18)
Other	(2)		(2)
Total deferred tax liabilities	(34)		(38)
Total net deferred tax assets	$	16	$	2,881

Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the Company’s total gross unrecognized tax benefits was as follows (in millions):

	Year Ended December 31,
	2021		2022		2023
Balance at beginning of year	$	508	$	597	$	650
Gross increases related to prior year tax positions	14		7		52
Gross decreases related to prior year tax positions	(2)		(2)		(8)
Gross increases related to current year tax positions	85		60		103
Reductions due to settlements with taxing authorities	(1)		(7)		(12)
Reduction due to lapse in statute of limitations	(7)		(5)		(5)
Balance at end of year	$	597	$	650	$	780