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Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of the Company's stock option activity
A summary of the Company’s stock option activity under the Plans is as follows:
Outstanding
Options
Weighted-
Average
Exercise
Price
Weighted-
Average
Remaining
Term
(Years)
Aggregate
Intrinsic Value
Balance as of December 31, 202011,860,844 $18.86 7.6$1,455,758,971 
Granted363,874 178.40 
Exercised(3,584,934)9.21 
Cancelled(427,030)35.54 
Balance as of December 31, 20218,212,754 $29.28 6.8$993,520,419 
Vested and exercisable as of December 31, 20215,251,327 $17.14 6.3$693,906,970 
Stock Option Valuation Assumptions
The fair value of each employee option grant was estimated on the date of grant using the Black-Scholes option pricing model and the following assumptions for the periods indicated:
Year Ended December 31,
202120202019
Expected volatility
67% – 69%
60% – 71%
40% – 53%
Risk-free interest rate
1.0% – 1.1%
0.3% – 1.7%
1.5% – 2.5%
Expected term
6.0 – 6.1 years
5.3 – 6.9 years
5.0 – 6.9 years
Expected dividend—%—%—%
Summary of RSU activity
The Company began granting restricted stock unit awards (“RSUs”) to employees and other service providers during 2020. RSU activity for the year ended December 31, 2021 is as follows:
Restricted Stock
Units		Weighted-Average
Grant Date Fair Value
(per share)
Balance as of December 31, 2020823,947 $80.97 
Granted970,033 179.95 
Vested(382,380)114.11 
Cancelled(113,356)123.21 
Outstanding as of December 31, 20211,298,244 $141.48 
Schedule of Fair value of the Employee Stock Purchase Plan
The following assumptions were used in estimating the fair values of shares under the ESPP:
Year Ended December 31,
202120202019
Expected volatility
47% – 69%
45% – 70%
52%
Risk-free interest rate
0.04% – 0.06%
0.12% – 0.15%
1.85%
Expected term (in years)
0.5 – 1.0
0.5 – 1.0
0.70
Expected dividend—%—%
—%
Recorded Stock-based Compensation Expense in the Condensed Consolidated Statement of Operations
The Company recorded stock-based compensation expense in the consolidated statement of operations for the periods presented as follows (in thousands):
Year Ended December 31,
202120202019
Cost of revenue$3,231 $1,551 $325 
Research and development41,970 19,623 5,721 
Selling, general and administrative50,761 27,452 7,287 
Total stock-based compensation expense$95,962 $48,626 $13,333