Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41806
Entity Registrant Name	Klaviyo, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0989964
Entity Address, Address Line One	125 Summer Street
Entity Address, Address Line Two	6th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	213-1788
Title of 12(b) Security	Series A common stock, par value $0.001 per share
Trading Symbol	KVYO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0001835830
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Series A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		140,897,018
Series B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		158,382,795

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 984,590	$ 1,064,875
Restricted cash	738	738
Accounts receivable, net of allowance for doubtful accounts	72,302	60,714
Deferred contract acquisition costs, current	33,588	29,634
Prepaid expenses and other current assets	55,273	50,115
Total current assets	1,146,491	1,206,076
Property and equipment, net	84,458	80,341
Right-of-use assets, net	96,135	101,126
Deferred contract acquisition costs, non-current	55,229	47,769
Prepaid marketing expense	127,724	132,849
Other non-current assets	13,580	12,443
Total assets	1,523,617	1,580,604
Current liabilities:
Accounts payable	21,613	29,072
Accrued expenses	113,971	125,159
Lease liabilities, current	23,969	24,757
Deferred revenue	111,493	103,245
Total current liabilities	271,046	282,233
Lease liabilities, non-current	93,238	95,991
Other non-current liabilities	5,874	5,820
Total liabilities	370,158	384,044
Stockholders’ Equity
Preferred stock: $0.001 par value; 100,000,000 shares authorized; 0 and 0 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively.	0	0
Treasury stock: $0.001 par value; 4,307,869 and 0 shares held at March 31, 2026 and December 31, 2025, respectively	4	0
Additional paid-in capital	2,021,068	2,073,209
Accumulated deficit	(867,915)	(876,953)
Total stockholders’ equity	1,153,459	1,196,560
Total liabilities and stockholders’ equity	1,523,617	1,580,604
Series A Common Stock
Stockholders’ Equity
Common stock	144	144
Series B Common Stock
Stockholders’ Equity
Common stock	$ 158	$ 160

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Treasury stock held (in shares)	4,307,869	0
Series A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000
Common stock, shares issued (in shares)	148,389,736	144,262,443
Common stock, outstanding (in shares)	144,081,867	144,262,443
Series B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	350,000,000	350,000,000
Common stock, shares issued (in shares)	158,456,935	159,899,668
Common stock, outstanding (in shares)	158,456,935	159,899,668

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenue	$ 358,005	$ 279,827
Cost of revenue	89,112	67,700
Gross profit	268,893	212,127
Operating expenses:
Selling and marketing	134,055	123,527
Research and development	80,032	69,349
General and administrative	53,061	43,001
Total operating expenses	267,148	235,877
Operating income (loss)	1,745	(23,750)
Other income:
Other expense	(436)	(664)
Interest income	9,411	9,259
Total other income, net	8,975	8,595
Income (loss) before income taxes	10,720	(15,155)
Provision (benefit) for income taxes	1,682	(1,066)
Net income (loss)	9,038	(14,089)
Comprehensive income (loss)	$ 9,038	$ (14,089)
Net income (loss) per share attributable to Series A and Series B common stockholders, basic (in dollars per share)	$ 0.03	$ (0.05)
Net income (loss) per share attributable to Series A and Series B common stockholders, diluted (in dollars per share)	$ 0.03	$ (0.05)
Weighted average common shares outstanding, basic (in shares)	304,343,623	274,198,213
Weighted average common shares outstanding, diluted (in shares)	305,801,451	274,198,213

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Series A Common Stock	Series B Common Stock	Conversion of Common Stock Upon Shareholder Election and Vesting of Certain Equity Awards	Common Stock Series A Common Stock	Common Stock Series B Common Stock	Common Stock Conversion of Common Stock Upon Shareholder Election and Vesting of Certain Equity Awards Series A Common Stock	Common Stock Conversion of Common Stock Upon Shareholder Election and Vesting of Certain Equity Awards Series B Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024					88,956,301	183,801,332
Beginning balance at Dec. 31, 2024	$ 1,033,987				$ 89	$ 184			$ 0	$ 1,878,899	$ (845,185)
Beginning balance (in shares) at Dec. 31, 2024									0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)						920,727
Issuance of common stock upon exercise of common stock options	877					$ 1				876
Issuance of common stock upon vesting of restricted stock units (in shares)					885,380	742,420
Issuance of common stock upon vesting of restricted stock units	(1)				$ 1	$ 1				(3)
Issuance of common stock upon exercise of collaboration agreement warrants (in shares)						344,382
Issuance of common stock upon exercise of collaboration agreement warrants	3									3
Vested warrants related to collaboration agreement	8,100									8,100
Stock-based compensation expense	39,434									39,434
Tax withholdings on settlement of stock-based awards (in shares)					(47,175)	(45,997)
Tax withholdings on settlement of stock-based awards	(4,379)									(4,379)
Conversion of Series B common stock to Series A common stock upon shareholder election and vesting of certain equity awards (in shares)							4,779,530	(4,779,530)
Conversion of Series B common stock to Series A common stock upon shareholder election and vesting of certain equity awards				$ 0			$ 5	$ (5)
Net income (loss)	(14,089)										(14,089)
Ending balance (in shares) at Mar. 31, 2025					94,574,036	180,983,334
Ending balance at Mar. 31, 2025	1,063,932				$ 95	$ 181			$ 0	1,922,930	(859,274)
Ending balance (in shares) at Mar. 31, 2025									0
Beginning balance (in shares) at Dec. 31, 2025		144,262,443	159,899,668		144,262,443	159,899,668
Beginning balance at Dec. 31, 2025	$ 1,196,560				$ 144	$ 160			$ 0	2,073,209	(876,953)
Beginning balance (in shares) at Dec. 31, 2025	0								0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of common stock options (in shares)						789,629
Issuance of common stock upon exercise of common stock options	$ 715					$ 1				714
Issuance of common stock upon vesting of restricted stock units (in shares)					1,212,824	508,278
Issuance of common stock upon vesting of restricted stock units	(1)				$ 1					(2)
Issuance of common stock upon exercise of collaboration agreement warrants (in shares)						344,383
Issuance of common stock upon exercise of collaboration agreement warrants	3									3
Vested warrants related to collaboration agreement	8,100									8,100
Stock-based compensation expense	42,657									42,657
Tax withholdings on settlement of stock-based awards (in shares)					(95,310)	(75,244)
Tax withholdings on settlement of stock-based awards	(2,800)									(2,800)
Conversion of Series B common stock to Series A common stock upon shareholder election and vesting of certain equity awards (in shares)							3,009,779	(3,009,779)
Conversion of Series B common stock to Series A common stock upon shareholder election and vesting of certain equity awards				$ 0			$ 3	$ (3)
Share repurchases, inclusive of costs to acquire (in shares)					(4,307,869)				(4,307,869)
Share repurchases, inclusive of costs to acquire	(100,813)				$ (4)				$ 4	(100,813)
Net income (loss)	9,038										9,038
Ending balance (in shares) at Mar. 31, 2026		144,081,867	158,456,935		144,081,867	158,456,935
Ending balance at Mar. 31, 2026	$ 1,153,459				$ 144	$ 158			$ 4	$ 2,021,068	$ (867,915)
Ending balance (in shares) at Mar. 31, 2026	4,307,869								4,307,869

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) (Unaudited) - $ / shares	Dec. 31, 2025	Mar. 31, 2025
Common stock, par value (in dollars per share)	$ 0.001
Treasury Stock
Common stock, par value (in dollars per share)		$ 0.001
Series A Common Stock
Common stock, par value (in dollars per share)	0.001	0.001
Series B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities
Net income (loss)	$ 9,038	$ (14,089)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	6,336	4,781
Non-cash operating lease costs	6,997	5,775
Amortization of deferred contract acquisition costs	9,631	6,608
Amortization of prepaid marketing expense	13,224	13,224
Gain on derecognition of asset retirement obligation	0	(588)
Loss on disposal of property and equipment	128	419
Bad debt expense	636	1,817
Stock-based compensation expense	41,803	38,327
Changes in operating assets and liabilities:
Accounts receivable	(12,224)	(12,630)
Deferred contract acquisition costs	(21,045)	(11,001)
Prepaid expenses, prepaid taxes, and other assets	(5,829)	(5,907)
Accounts payable	(4,340)	684
Accrued expenses	(12,832)	(18,815)
Deferred revenue	8,248	11,690
Operating lease liabilities	(5,546)	(5,392)
Other non-current liabilities	54	(541)
Net cash provided by operating activities	34,279	14,362
Investing activities
Acquisition of property and equipment	(11,666)	(2,685)
Capitalization of software development costs	(3,565)	(5,056)
Purchase of other non-current assets	(485)	0
Net cash used in investing activities	(15,716)	(7,741)
Financing activities
Proceeds from exercise of common stock options	715	877
Proceeds from exercise of warrants	3	3
Employee taxes paid related to net share settlement of stock-based awards	(2,800)	(4,379)
Payments for accelerated share repurchase	(100,000)	0
Proceeds from employee stock purchase plan	3,234	3,462
Net cash used in financing activities	(98,848)	(37)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(80,285)	6,584
Cash, cash equivalents, and restricted cash, beginning of period	1,065,613	882,587
Cash, cash equivalents, and restricted cash, end of period	985,328	889,171
Supplemental disclosures of cash flow information:
Cash paid for income taxes	2,679	73
Non-cash investing and financing activities
Recognition of prepaid marketing asset	8,100	8,100
Capitalization of stock-based compensation expense related to internal use software	853	1,107
Non-cash acquisition of property and equipment through tenant incentives	0	969
Accrued excise tax on share repurchases	813	0
Unpaid purchases of property and equipment	$ 6,387	$ 484

Organization and Business Description	3 Months Ended
Organization and Business Description	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business Description	1. Organization and Business Description Klaviyo, Inc. (the “Company” or “Klaviyo”) is a technology company that provides a cloud-based, software-as-a-service (“SaaS”) platform that enables consumer-focused businesses to capture, store, analyze, and use their first-party data to create and deliver personalized consumer experiences across digital channels. The Company’s platform combines proprietary data, action, and intelligence layers to unify customer data and support real-time activation across multiple use cases, including marketing, customer service, analytics, and data management. The Company’s platform includes marketing automation capabilities that allow customers to orchestrate campaigns across multiple channels, including email, text messaging, WhatsApp messaging, and mobile push. The Company also offers customer service solutions, including Customer Agent, Customer Hub and Helpdesk, as well as marketing analytics, and data platform functionality. The Company generates revenue through the sale of subscriptions that provide customers access to its platform. Subscription plans are tiered based on the number of consumer profiles stored on the Company’s platform and the number of emails, text messages, and WhatsApp messages sent as well as customer tickets and conversations through Klaviyo Service. The Company is headquartered in Boston, Massachusetts and was incorporated in the state of Delaware on September 14, 2012. The Company has several wholly-owned subsidiaries in the United States and international jurisdictions.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”).

Unaudited Interim Condensed Consolidated Financial Statements

The accompanying Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), the Condensed Consolidated Statements of Changes in Stockholders’ Equity and the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025, and the related notes to such interim condensed consolidated financial statements are unaudited.

These unaudited condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 10, 2026. In the opinion of management, the interim condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position for the periods presented. The results for the interim periods presented are not necessarily indicative of future results or results for the full fiscal year or for any other period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the allowance for doubtful accounts, determination of revenue recognition under ASC 606, Revenue from Contracts with Customers (“ASC 606”), estimated benefit period of deferred contract acquisition costs, estimated life of prepaid marketing expense, and historical valuation of common stock and stock-based compensation.

The Company evaluates estimates based on historical and anticipated results, trends, and various other assumptions. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.

Significant Accounting Policies

Our significant accounting policies are detailed in Note 2. Summary of Significant Accounting Policies of the audited annual consolidated financial statements for the fiscal year ended December 31, 2025 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 10, 2026. There have been no material changes to our significant accounting policies since the fiscal year ended December 31, 2025

Shopify Collaboration Agreement

On July 28, 2022, the Company entered into a collaboration agreement with Shopify Inc. and certain of its affiliates (collectively, “Shopify”) to form a strategic relationship for the purposes of creating greater interoperability between the Klaviyo and Shopify platforms and forming a strategic product, distribution, and marketing relationship. Shopify became a related party upon execution of this agreement.

The Company determined that Shopify is a vendor and not a customer, as the collaboration agreement is a services contract under which the Company is receiving marketing services from Shopify in exchange for payments under the revenue sharing agreement. The revenue sharing agreement is a mechanism for Shopify to be compensated for the customer acquisition and marketing services Shopify is providing to the Company. Shopify is not a reseller or distributor of our platform, nor does Shopify provide any services on the Company’s behalf. Fees paid under the revenue share agreement are recognized as a component of selling and marketing expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended March 31, 2026, the Company incurred $8.9 million related to fees paid under the revenue sharing agreement. During the three months ended March 31, 2025, the Company incurred $7.9 million related to fees paid under the revenue sharing agreement. As of March 31, 2026 and December 31, 2025, the Company had $2.9 million and $3.0 million in accrued expenses owed to Shopify for fees payable under the revenue sharing agreement, respectively. As of March 31, 2026 and December 31, 2025, the Company had $3.0 million and $3.0 million, respectively, in accounts payable owed to Shopify for fees payable under the revenue sharing agreement.

During the three months ended March 31, 2026 and March 31, 2025, the Company capitalized prepaid marketing expense of $8.1 million and $8.1 million related to the vested warrants issued as consideration for the collaboration agreement, respectively. For the three months ended March 31, 2026 and 2025, the Company recorded marketing expense of $13.2 million and $13.2 million in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as a component of selling and marketing expense related to the amortization of the prepaid marketing expense. As of March 31, 2026 and December 31, 2025, the Company’s prepaid marketing expense was $127.7 million and $132.8 million, respectively. As of March 31, 2026, there was $176.3 million of unrecognized marketing expense related to the warrants that will be recognized over 3.3 years. See Note 10. Common Stock and Stockholders’ Equity for further discussion of the warrants.

Stock-Based Compensation

The Company recognizes stock-based compensation on awards granted under stock compensation plans, which are described in more detail in Note 12. Stock-Based Compensation.

The Company measures stock-based compensation awards, including stock options, restricted stock units (“RSUs”), and performance stock units (“PSUs”), based on the estimated fair value of the awards on the date of grant. Stock-based compensation expense is recorded for awards issued to employees and non-employees at fair value with a corresponding increase in additional paid-in capital. Forfeitures for all types of awards are recognized when they occur.

RSUs granted under the Company’s 2015 Stock Incentive Plan (the “2015 Plan”) are subject to both service-based and performance-based vesting conditions, whereby the performance condition is satisfied upon occurrence of a liquidity event. Upon the effectiveness of the Company’s registration statement on Form S-1 filed with the SEC in connection with its IPO in September 2023, the performance condition was satisfied and cumulative compensation cost was recognized using the accelerated attribution method. Compensation costs continue to be recognized under this method as the RSUs vest over the remaining service period. Generally, 2015 Plan awards vest or are exercisable into shares of Series B common stock and are immediately reclassified to shares of Series A common stock based upon the employee’s conversion election made at the time of the Company’s IPO. The fair value of each RSU grant is calculated based on the estimated fair value of the Company’s common stock on the date of grant, or, if modified, the date of modification.

RSUs granted under the Company’s 2023 Stock Option and Incentive Plan (the “2023 Plan”) are for shares of Series A common stock and are subject to service-based vesting conditions only. Compensation costs related to these awards are recognized using the straight-line method over the service period of the award. The fair value of each RSU grant is based on the fair value of the Company’s Series A common stock on the date of grant, or, if modified, the date of modification.

The Company has granted PSUs under the 2023 Plan that are for shares of Series A common stock and are subject to service-based and performance-based vesting conditions. Compensation costs related to these awards are recognized using the graded vesting attribution method over the requisite service period when it becomes probable that the performance target will be achieved. The fair value of each PSU grant subject to service-based and performance-based vesting conditions is based on the fair value of the Company’s Series A common stock on the date of grant, or, if modified, the date of modification.

The Company has additionally granted PSUs under the 2023 Plan that are for shares of Series A common stock and are subject to service-based and market-based vesting conditions. Compensation costs related to these awards are recognized using the graded vesting attribution method over the requisite service period. The fair value of each PSU grant subject to service-based and market-based vesting conditions is estimated using a Monte Carlo simulation.

Rights granted to employees to purchase shares of Series A common stock under the Company’s 2023 Employee Stock Purchase Plan (the “ESPP”) are subject to service-based vesting conditions only. Compensation costs related to the ESPP are recognized using the straight-line method over the service period of the award. The fair value of the estimated shares of Series A common stock to be purchased is computed as the sum of (a) 15% purchase discount off the grant date quoted trading price of the Company’s Series A common stock and (b) the fair value of the look-back feature of the Company’s Series A common stock on the grant date, which consists of a call option on 85% of a share of Series A common stock and a put option on 15% of a share of Series A common stock.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments with a remaining maturity of three months or less when purchased to be cash equivalents. As of March 31, 2026 and December 31, 2025, the Company had cash equivalents of $376.1 million and $325.9 million, respectively, in money market funds.

As of March 31, 2026 and December 31, 2025, the Company had a current restricted cash balance of $0.7 million and $0.7 million, respectively. Restricted cash as of March 31, 2026 and December 31, 2025 related to the Company’s required collateral to fund payroll and credit card obligations in its Australian entity as well as collateral required to be held as a result of the Company’s office lease in Australia. Restricted cash is included in current assets for obligations that expire within one year and is included in non-current assets for assets that expire more than one year from the balance sheet date.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flow (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	984,590	$	1,064,875
Restricted cash - current	738		738
Total cash, cash equivalents, and restricted cash	$	985,328	$	1,065,613

As of March 31, 2026, $150.0 million of the $984.6 million cash and cash equivalents detailed above was held in a high yield notice deposit account requiring 31 days’ notice for withdrawal.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. The new guidance requires additional disclosure related to the disaggregation of income statement expense categories. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements.

In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The new guidance amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. ASU 2025-06 is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements and related disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The new guidance is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. ASU 2025-11 is effective for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim condensed consolidated financial statements and related disclosures.

There are no other new accounting pronouncements that have been issued that could have a material impact on the Company’s financial position or results of operations.

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

Deferred Revenue

The change in deferred revenue reflects billings during the period for which the performance obligation was not satisfied prior to the end of the period, partially offset by revenues recognized during the period. The following table summarizes the changes in the balance of deferred revenue during the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	103,245	$	64,497
Plus: Billings during the period	366,253		291,517
Less: Revenue recognized during the period	(358,005)		(279,827)
Balance at end of the period	$	111,493	$	76,187

For the three months ended March 31, 2026 and March 31, 2025, revenue recognized from amounts included in deferred revenue at the beginning of the period was $89.7 million and $56.9 million, respectively.

Remaining Performance Obligations

Remaining performance obligations represents the amount of contracted future revenue that has not yet been recognized, including deferred revenue. As of March 31, 2026, the Company’s remaining performance obligations are $275.8 million, of which $256.7 million is expected to be recognized within the next twelve months and $19.1 million is expected to be recognized during a period greater than twelve months.

Accounts Receivable

Accounts receivable are shown net of an allowance for doubtful accounts of $2.3 million and $2.3 million as of March 31, 2026 and December 31, 2025, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis at the periods indicated below, by level within the fair value hierarchy (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	376,147	$	—	$	—	$	376,147
Total	$	376,147	$	—	$	—	$	376,147


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	325,904	$	—	$	—	$	325,904
Total	$	325,904	$	—	$	—	$	325,904

As of March 31, 2026 and December 31, 2025, certain of the Company’s cash equivalents were held in money market funds. The Company’s investments in money market funds are classified within Level 1 of the fair value hierarchy as they are valued using quoted market prices in active markets.

As of March 31, 2026 and December 31, 2025, the Company’s carrying amounts of financial instruments, including cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities approximate their fair values due to their short-term maturities.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

5. Property and Equipment, Net

Property and equipment consist of the following (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Capitalized internal-use software	$	53,651	$	49,430
Office equipment	8,971		7,630
Computer equipment	12,261		11,385
Furniture and fixtures	14,519		14,144
Leasehold improvements	59,092		50,488
Construction-in-progress	3,964		9,109
Total property and equipment	152,458		142,186
Less accumulated depreciation and amortization	(68,000)		(61,845)
Total property and equipment, net	$	84,458	$	80,341

Depreciation and amortization expense related to property and equipment, inclusive of amortization expense associated with capitalized internal-use software development costs, was approximately $6.6 million and $4.8 million for the three months ended March 31, 2026 and 2025, respectively. On January 31, 2025, the Company amended the lease agreement for its corporate headquarters located in Boston, Massachusetts which, among other things, extended the term of the lease to March 2033. Under the Company’s accounting policy, the useful life of leasehold improvements is the lesser of the lease term and the useful life of the asset. As such, the extension of the lease represents a change in estimate of the useful life of the leasehold improvements within the corporate headquarters. The Company accounted for this change in the useful lives as a change in accounting estimate under ASC 250 Accounting Changes and Error Corrections, which were recorded prospectively upon execution of the lease amendment. This change in estimate resulted in a reduction of $1.2 million and $0.6 million in depreciation expense for the three months ended March 31, 2026 and 2025, respectively, and an immaterial impact on basic and diluted net loss per share attributable to Series A and Series B common stockholders.

During the three months ended March 31, 2026 and 2025, the Company capitalized $4.4 million and $6.1 million of internal-use software development costs, respectively. The Company recorded amortization expense associated with its capitalized internal-use software development costs of $3.5 million and $1.7 million for the three months ended March 31, 2026 and 2025, respectively. Amortization expense is included in cost of revenue in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses

6. Accrued Expenses

The following table presents components of accrued expenses (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Accrued compensation and employee related costs	$	55,030	$	65,230
Accrued sabbatical	5,120		4,458

Accrued value added tax	983		948
Other accrued taxes	6,324		8,691
Accrued cost of revenue	23,299		22,609
Accrued professional services	4,415		3,742
Accrued marketing	6,396		4,597
Accrued occupancy costs	6,969		9,262
Other accrued expenses	5,435		5,622
Total accrued expenses	$	113,971	$	125,159

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies Contractual Obligations and Commitments The Company has material long-term non-cancelable contractual obligations outstanding with various service providers. Future minimum payments under the Company’s non-cancelable purchase commitments as of March 31, 2026 and December 31, 2025, were $875.2 million and $929.2 million, respectively. Legal Matters From time to time, the Company may become involved in legal proceedings or be subject to claims arising in the course of its business, including but not limited to claims brought by its customers in connection with commercial disputes and litigation arising from employee and ex-employee related matters. The Company is not presently subject to any pending or threatened litigation, individually or taken together, for which it is reasonably possible to have a material effect on its consolidated financial position or results of operations. Guarantees and Indemnification Obligations In the ordinary course of business, the Company enters into agreements with its customers that include commercial provisions with respect to licensing, infringement, indemnification, and other common provisions. The Company does not, in the ordinary course of business, agree to indemnification obligations for the Company under its contracts with customers except for intellectual property infringement claims related to the Company’s services. Based on historical experience and information known at March 31, 2026 and December 31, 2025, the Company has not incurred any costs for guarantees or indemnities.

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

8. Leases

The components of lease expense are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	6,997	$	5,775
Short-term lease cost	647		252
Total lease cost	$	7,644	$	6,027

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Operating lease ROU assets	$	96,135	$	101,126
Operating lease liabilities, current	23,969		24,757
Operating lease liabilities, non-current	93,238		95,991
Total lease liabilities	$	117,207	$	120,748

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities, net of tenant incentives received	$	5,546	$	4,422
ROU assets recognized for new leases and amendments (non-cash)	$	—	$	51,602

Other information related to leases is as follows:


	As of,
	March 31, 2026		December 31, 2025
Weighted average remaining lease term	6.4 years		6.6 years
Weighted average discount rate	6.73	%	6.71	%

Future undiscounted annual cash flows for the Company’s operating leases as of March 31, 2026 are as follows (in thousands):


Fiscal Year Ending December 31,	Operating Leases
Remaining portion of 2026	$	19,935
2027	19,860
2028	20,863
2029	20,769
2030	21,054
Thereafter	42,720
Total future undiscounted lease payments	145,201
Less imputed interest	(27,994)
Total lease liabilities	$	117,207

The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of March 31, 2026.

Leases

8. Leases

The components of lease expense are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	6,997	$	5,775
Short-term lease cost	647		252
Total lease cost	$	7,644	$	6,027

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Operating lease ROU assets	$	96,135	$	101,126
Operating lease liabilities, current	23,969		24,757
Operating lease liabilities, non-current	93,238		95,991
Total lease liabilities	$	117,207	$	120,748

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities, net of tenant incentives received	$	5,546	$	4,422
ROU assets recognized for new leases and amendments (non-cash)	$	—	$	51,602

Other information related to leases is as follows:


	As of,
	March 31, 2026		December 31, 2025
Weighted average remaining lease term	6.4 years		6.6 years
Weighted average discount rate	6.73	%	6.71	%

Future undiscounted annual cash flows for the Company’s operating leases as of March 31, 2026 are as follows (in thousands):


Fiscal Year Ending December 31,	Operating Leases
Remaining portion of 2026	$	19,935
2027	19,860
2028	20,863
2029	20,769
2030	21,054
Thereafter	42,720
Total future undiscounted lease payments	145,201
Less imputed interest	(27,994)
Total lease liabilities	$	117,207

The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of March 31, 2026.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company computes its provision for interim periods by applying its estimated annual effective tax rate to its anticipated net (loss) income and adjustments for discrete items in the period. The Company’s effective tax rates for the three months ended March 31, 2026 and 2025, are less than the U.S. federal statutory income tax rate of 21% primarily due to the valuation allowance in the U.S. The Company’s effective tax rate was 15.7% and 7.0% for the three months ended March 31, 2026 and 2025, respectively. The current period tax expense reflects increase in foreign operations. Deferred income taxes reflect the impact of carryforwards and temporary differences between the amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. The carryforwards and temporary differences give rise to a significant portion of the Company’s deferred tax assets and liabilities. The Company continues to maintain a valuation allowance against its deferred tax assets in the U.S. The Organization for Economic Cooperation and Development (“OECD”) introduced an international tax framework that provides for a global minimum tax of 15% for large multinational companies. The framework and guidance do not have a material impact on our effective rates for income taxes or cash taxes paid, due to the safe harbor relief during the transition period. We continue to closely monitor developments.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Subparagraph (SAB Topic 11.C)
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Common Stock and Stockholders’ Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Common Stock and Stockholders’ Equity

10. Common Stock and Stockholders’ Equity

Common Stock Warrants

On July 28, 2022, the Company granted warrants to purchase up to 15,743,174 shares of Series B common stock in connection with the collaboration agreement and strategic partnership with Shopify as compensation for marketing services.

The following table summarizes the warrants activity during the three months ended March 31, 2026:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life (years)
Warrants outstanding at January 1, 2026	2,410,676	$	0.01	6.58
Granted	—	—		—
Exercised	(344,383)	0.01		6.49
Cancelled	—	—		—
Warrants outstanding at March 31, 2026	2,066,293	$	0.01	6.33

During the three months ended March 31, 2026, 344,383 warrants vested. The Company has no vested but not exercised warrants outstanding as of March 31, 2026. During the three months ended March 31, 2025, 344,382 warrants vested.

Share Repurchase Authorization

On March 2, 2026, the Company announced that its board of directors (the “Board of Directors”) authorized a share repurchase program (the “Share Repurchase Program”), pursuant to which the Company may repurchase up to $500.0 million of its issued and outstanding shares of Series A common stock with no expiration date. Repurchases under the Share Repurchase Program may be made from time to time in the open market, through privately negotiated transactions or other means, including pursuant to 10b5-1 plans, or any combination of the foregoing, and in compliance with applicable securities laws and other applicable requirements. As part of the Share Repurchase Program, the Company entered into an accelerated share repurchase (the “ASR Agreement”) with a third-party investment bank (the “Dealer”) to repurchase $100.0 million of shares of its Series A common stock. Under the ASR Agreement, on March 3, 2026, the Company paid the Dealer $100.0 million and received an initial delivery of 4,307,869 shares of Series A common stock at a price of $18.87 per share. The shares received upon initial delivery were recorded as treasury stock, resulting in a reduction to stockholders’ equity. The share repurchase pursuant to the ASR Agreement resulted in an estimated excise tax liability of $0.8 million, which was recorded as a cost of the repurchase transaction and reflected as a reduction to stockholders’ equity. The remaining portion to be repurchased pursuant to the ASR Agreement represents a forward contract indexed to the Company’s own stock and will be recorded as additional-paid-in capital as a reduction to stockholders’ equity.

The final number of shares to be repurchased will be based on the volume-weighted average price of Series A common stock on specified dates during the term of the ASR Agreement, less a discount, and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. Upon settlement, the Dealer may deliver additional shares of Series A common stock to the Company, or in certain circumstances, the Company may be required to deliver shares to the Dealer. The final settlement of the ASR Agreement is expected to be completed no later than the second quarter of 2026. As of March 31, 2026, approximately $400.0 million remained available for repurchase under the Share Repurchase Program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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-Topic 946
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+ Details

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

11. Stock-Based Compensation

Equity Incentive Plans

The Company has outstanding awards issued under the 2015 Plan and the 2023 Plan. Both plans provide for the grant of various types of stock-based compensation awards including, but not limited to, RSUs, PSUs, ISOs, NSOs, and RSAs. During the three months ended March 31, 2026, the Company granted RSUs and PSUs under the 2023 Plan. During the three months ended March 31, 2025, the Company solely granted RSUs under the 2023 Plan. As of March 31, 2026, the Company’s authorized common stock includes 90,087,037 shares of Series A common stock reserved for issuance of equity awards under the 2023 Plan, of which 62,482,311 shares are available for future grants.

Restricted Stock Units

During the three months ended March 31, 2026, the Company granted RSUs to employees under the 2023 Plan. RSUs granted under the 2023 Plan vest upon the satisfaction of service-based vesting conditions only. Generally, the service-based vesting condition requires the grantee to remain an eligible participant, as that term is defined in the 2023 Plan, for a period of 3 years or 4 years. Generally, RSUs vest quarterly over a 3 year period or vest 25% after 1 year, with the remainder vesting quarterly over the following 3 years.

Performance Stock Units

During the three months ended March 31, 2026, the Company granted PSUs to key executives under the 2023 Plan. Of the PSUs granted under the 2023 Plan, 26,737 awards vest upon achievement of a specified financial performance target and are subject to continuous service throughout the applicable vesting date. These PSUs include a one-year performance period within a one-year vesting period. The fair value of these PSUs is the closing price of the Company's common stock on the grant date of the award and stock-based compensation cost is recognized, using the graded vesting attribution method over the requisite service period, when it becomes probable that the performance target will be achieved. The aggregate fair value of these PSUs granted during the three months ended March 31, 2026 was $0.5 million. As of March 31, 2026, the Company has determined that achievement of the performance target is not yet probable. Accordingly, no compensation expense has been recognized related to these PSUs during the three months ended March 31, 2026.

During the three months ended March 31, 2026, the Company additionally granted 1,193,238 PSUs that will vest in up to four tranches over a five-year measurement period, subject to the achievement of specified performance targets tied to the trading price of the Company’s Series A common stock and continuous service through the applicable vesting date. Each tranche of PSUs will vest only if the trading price of the Company’s Series A common stock closes at or above a specified dollar value for a period of at least sixty consecutive calendar days during the applicable measurement period. The stock price targets for tranches 1 through 4 are $40.00, $55.00, $70.00, and $85.00 per share, respectively, subject to proportionate adjustment in the event of any stock split or other similar change in the Company’s capital stock. The fair value of these PSUs is estimated on the grant date using a Monte Carlo simulation model and stock-based compensation cost is recognized using the graded vesting attribution method over the requisite service period. The aggregate fair value of these PSUs granted during the three months ended March 31, 2026 was $19.0 million. During the three months ended March 31, 2026, the Company recognized $1.8 million of stock-based compensation expense related to these PSUs.

Employee Stock Purchase Plan

On August 24, 2023, the Board of Directors adopted the ESPP. As of March 31, 2026, the Company reserved 13,712,401 shares of Series A common stock for issuance pursuant to purchase rights granted to the Company’s eligible employees under the ESPP. During the three months ended March 31, 2026 and 2025, the Company recognized stock-based compensation expense related to the ESPP of $1.9 million and $1.4 million, respectively. As of March 31, 2026,

$3.6 million of unrecognized stock-based compensation expense related to the ESPP is expected to be recognized on a straight-line basis over the subsequent 0.75 years.

There were no shares of Series A common stock issued under the ESPP during the three months ended March 31, 2026 and 2025.

Modifications

During the three months ended March 31, 2026, there were no material modifications related to share based awards.

During the three months ended March 31, 2025, the Company provided nine terminated employees with accelerated vesting on the service-based vesting condition of 24,134 RSUs. The Company recorded incremental stock-based compensation expense of $0.8 million resulting from the modifications.

Stock-Based Compensation Expense

Stock-based compensation included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	2,098	$	1,757
Selling and marketing	10,520		12,097
Research and development	16,985		16,188
General and administrative	12,200		8,285
Stock-based compensation, net of amounts capitalized	41,803		38,327
Capitalized stock-based compensation expense	854		1,107
Total stock-based compensation expense	$	42,657	$	39,434

Earnings Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings Per Share

12. Earnings Per Share

Basic net income (loss) per share attributable to Series A and Series B common stockholders is computed by dividing the net income (loss) by the number of weighted-average outstanding common shares. Diluted net income (loss) per share attributable to Series A and Series B common stockholders is determined by giving effect to all potential common equivalents during the reporting period, unless including them yields an antidilutive result. The Company considers its warrants, Investment Option, RSUs, PSUs, stock options, and ESPP shares as potential common equivalents. The Company uses the treasury stock method for calculating any potential dilutive effect of its potential common equivalents, but excluded them from the computation of diluted earnings per share attributable to common stockholders for the three months ended March 31, 2025 as the Company was in a net loss position and their effect was antidilutive.

On March 3, 2026, the Company received an initial delivery of 4,307,869 shares of Series A common stock as part of the ASR Agreement entered into with the Dealer, which reduced weighted-average shares outstanding from the date of delivery for the purposes of computing basic and diluted earnings per share for three months ended March 31, 2026. The forward component of the ASR Agreement remained unsettled as of March 31, 2026 and was evaluated as a participating security under the two-class method. As the contract was determined to be antidilutive for the three months ended March 31, 2026, the related shares have been excluded from the computation of diluted earnings per share.

The rights, including the liquidation and dividend rights, of the holders of Series A and Series B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis to each series of common stock and the resulting basic and diluted net loss per share attributable to common stockholders are, therefore, the same for both Series A and Series B common stock on both an individual and combined basis.

The following table presents the calculation of basic and diluted net income (loss) per share attributable to Series A and Series B common stockholders for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026		2025
Net income (loss) per share attributable to Series A and Series B common stockholders, basic:
Numerator:
Net income (loss)	$	9,038	$	(14,089)
Denominator:
Weighted-average shares, basic	304,343,623		274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, basic	$	0.03	$	(0.05)

Net income (loss) per share attributable to Series A and Series B common stockholders, diluted:
Numerator:
Net income (loss)	$	9,038	$	(14,089)
Denominator:
Weighted-average shares, diluted	305,801,451		274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, diluted	$	0.03	$	(0.05)

The following table summarizes the potential common shares excluded from the computation of diluted net income (loss) per share (in thousands):


	As of March 31,
	2026	2025
Warrants outstanding	2,066,293	3,443,822
Investment Option	15,743,174	15,743,174
RSUs and PSUs outstanding	21,527,931	20,026,174
Options outstanding	—	24,242,288
ESPP	774,123	325,602
Total	40,111,521	63,781,060

Segment Information and Geographic Data

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information and Geographic Data

13. Segment Information and Geographic Data

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Co-Chief Executive Officer, Andrew Bialecki. The Company has determined that it operates in one operating segment and one reportable segment as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance.

The key measure of segment profit or loss that the CODM uses to make operating decisions, allocate resources and evaluate financial performance is the Company’s consolidated net income (loss), as reported in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Net income (loss) is used to plan and forecast for future periods, design and implement key marketing strategies, expand into new markets, and launch new products. Significant expense categories regularly provided to the CODM are those disclosed in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Disaggregation of Revenue

Revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Americas:
United States	$	209,451	$	171,899
Other Americas (1)	17,363		13,595
APAC (1)(2)	37,097		28,262
EMEA (1)(3)
United Kingdom	35,949		27,528
Other EMEA (4)	58,145		38,543
Total Revenue	$	358,005	$	279,827

(1) Other than the United States, no other individual country accounted for 10% or more of total revenue for any of the periods presented.
(2) Asia-Pacific
(3) Europe, the Middle East and Africa

(4) Other than the United Kingdom, no other individual country accounted for 10% or more of total revenue for any of the periods presented.

Disaggregation of Long-lived Assets

Long-lived assets consist of property and equipment and ROU assets. Long-lived assets by geographical region are as follows (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Americas
United States	$	172,822	$	171,140
APAC (1)	1,110		1,402
EMEA (2)
United Kingdom	6,250		8,615
Other (3)	411		310
Total Long-lived assets	$	180,593	$	181,467

(1) Asia-Pacific
(2) Europe, the Middle East and Africa

(3) No other country in this geographic region represented more than 10% of the Company’s long-lived assets for the periods presented

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Insider Trading Arrangements

3 Months Ended

Mar. 31, 2026

shares

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Chano Fernandez [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended March 31, 2026, one of the Company’s directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted a written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act for the sale of the Company’s securities, as set forth in the table below.

Name

Position

Adoption Date

Earliest Trade Date

Total Shares Subject to Trading Arrangement

Expiration Date

Chano Fernández

Co-Chief Executive Officer and Director

February 13, 2026

May 15, 2026

84,400

February 26, 2027

Name

Chano Fernández

Title

Co-Chief Executive Officer and Director

Rule 10b5-1 Arrangement Adopted

true

February 13, 2026

February 26, 2027

287 days

84,400

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include, but are not limited to, the allowance for doubtful accounts, determination of revenue recognition under ASC 606, Revenue from Contracts with Customers (“ASC 606”), estimated benefit period of deferred contract acquisition costs, estimated life of prepaid marketing expense, and historical valuation of common stock and stock-based compensation. The Company evaluates estimates based on historical and anticipated results, trends, and various other assumptions. The Company assesses these estimates on a regular basis; however, actual results could differ from these estimates.
Shopify Collaboration Agreement	Shopify Collaboration Agreement On July 28, 2022, the Company entered into a collaboration agreement with Shopify Inc. and certain of its affiliates (collectively, “Shopify”) to form a strategic relationship for the purposes of creating greater interoperability between the Klaviyo and Shopify platforms and forming a strategic product, distribution, and marketing relationship. Shopify became a related party upon execution of this agreement. The Company determined that Shopify is a vendor and not a customer, as the collaboration agreement is a services contract under which the Company is receiving marketing services from Shopify in exchange for payments under the revenue sharing agreement. The revenue sharing agreement is a mechanism for Shopify to be compensated for the customer acquisition and marketing services Shopify is providing to the Company. Shopify is not a reseller or distributor of our platform, nor does Shopify provide any services on the Company’s behalf. Fees paid under the revenue share agreement are recognized as a component of selling and marketing expense in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). During the three months ended March 31, 2026, the Company incurred $8.9 million related to fees paid under the revenue sharing agreement. During the three months ended March 31, 2025, the Company incurred $7.9 million related to fees paid under the revenue sharing agreement. As of March 31, 2026 and December 31, 2025, the Company had $2.9 million and $3.0 million in accrued expenses owed to Shopify for fees payable under the revenue sharing agreement, respectively. As of March 31, 2026 and December 31, 2025, the Company had $3.0 million and $3.0 million, respectively, in accounts payable owed to Shopify for fees payable under the revenue sharing agreement. During the three months ended March 31, 2026 and March 31, 2025, the Company capitalized prepaid marketing expense of $8.1 million and $8.1 million related to the vested warrants issued as consideration for the collaboration agreement, respectively. For the three months ended March 31, 2026 and 2025, the Company recorded marketing expense of $13.2 million and $13.2 million in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as a component of selling and marketing expense related to the amortization of the prepaid marketing expense. As of March 31, 2026 and December 31, 2025, the Company’s prepaid marketing expense was $127.7 million and $132.8 million, respectively. As of March 31, 2026, there was $176.3 million of unrecognized marketing expense related to the warrants that will be recognized over 3.3 years. See Note 10. Common Stock and Stockholders’ Equity for further discussion of the warrants.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation on awards granted under stock compensation plans, which are described in more detail in Note 12. Stock-Based Compensation. The Company measures stock-based compensation awards, including stock options, restricted stock units (“RSUs”), and performance stock units (“PSUs”), based on the estimated fair value of the awards on the date of grant. Stock-based compensation expense is recorded for awards issued to employees and non-employees at fair value with a corresponding increase in additional paid-in capital. Forfeitures for all types of awards are recognized when they occur. RSUs granted under the Company’s 2015 Stock Incentive Plan (the “2015 Plan”) are subject to both service-based and performance-based vesting conditions, whereby the performance condition is satisfied upon occurrence of a liquidity event. Upon the effectiveness of the Company’s registration statement on Form S-1 filed with the SEC in connection with its IPO in September 2023, the performance condition was satisfied and cumulative compensation cost was recognized using the accelerated attribution method. Compensation costs continue to be recognized under this method as the RSUs vest over the remaining service period. Generally, 2015 Plan awards vest or are exercisable into shares of Series B common stock and are immediately reclassified to shares of Series A common stock based upon the employee’s conversion election made at the time of the Company’s IPO. The fair value of each RSU grant is calculated based on the estimated fair value of the Company’s common stock on the date of grant, or, if modified, the date of modification. RSUs granted under the Company’s 2023 Stock Option and Incentive Plan (the “2023 Plan”) are for shares of Series A common stock and are subject to service-based vesting conditions only. Compensation costs related to these awards are recognized using the straight-line method over the service period of the award. The fair value of each RSU grant is based on the fair value of the Company’s Series A common stock on the date of grant, or, if modified, the date of modification. The Company has granted PSUs under the 2023 Plan that are for shares of Series A common stock and are subject to service-based and performance-based vesting conditions. Compensation costs related to these awards are recognized using the graded vesting attribution method over the requisite service period when it becomes probable that the performance target will be achieved. The fair value of each PSU grant subject to service-based and performance-based vesting conditions is based on the fair value of the Company’s Series A common stock on the date of grant, or, if modified, the date of modification. The Company has additionally granted PSUs under the 2023 Plan that are for shares of Series A common stock and are subject to service-based and market-based vesting conditions. Compensation costs related to these awards are recognized using the graded vesting attribution method over the requisite service period. The fair value of each PSU grant subject to service-based and market-based vesting conditions is estimated using a Monte Carlo simulation. Rights granted to employees to purchase shares of Series A common stock under the Company’s 2023 Employee Stock Purchase Plan (the “ESPP”) are subject to service-based vesting conditions only. Compensation costs related to the ESPP are recognized using the straight-line method over the service period of the award. The fair value of the estimated shares of Series A common stock to be purchased is computed as the sum of (a) 15% purchase discount off the grant date quoted trading price of the Company’s Series A common stock and (b) the fair value of the look-back feature of the Company’s Series A common stock on the grant date, which consists of a call option on 85% of a share of Series A common stock and a put option on 15% of a share of Series A common stock.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents, and Restricted Cash The Company considers all highly liquid investments with a remaining maturity of three months or less when purchased to be cash equivalents. As of March 31, 2026 and December 31, 2025, the Company had cash equivalents of $376.1 million and $325.9 million, respectively, in money market funds. As of March 31, 2026 and December 31, 2025, the Company had a current restricted cash balance of $0.7 million and $0.7 million, respectively. Restricted cash as of March 31, 2026 and December 31, 2025 related to the Company’s required collateral to fund payroll and credit card obligations in its Australian entity as well as collateral required to be held as a result of the Company’s office lease in Australia. Restricted cash is included in current assets for obligations that expire within one year and is included in non-current assets for assets that expire more than one year from the balance sheet date.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses. The new guidance requires additional disclosure related to the disaggregation of income statement expense categories. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03 on its consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. The new guidance amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. ASU 2025-06 is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-06 on its consolidated financial statements and related disclosures. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The new guidance is intended to improve the navigability of the guidance in ASC 270 and clarify when it applies. ASU 2025-11 is effective for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its interim condensed consolidated financial statements and related disclosures. There are no other new accounting pronouncements that have been issued that could have a material impact on the Company’s financial position or results of operations.

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flow (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	984,590	$	1,064,875
Restricted cash - current	738		738
Total cash, cash equivalents, and restricted cash	$	985,328	$	1,065,613

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported in the Consolidated Balance Sheets to the total of the amounts reported in the Consolidated Statements of Cash Flow (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	984,590	$	1,064,875
Restricted cash - current	738		738
Total cash, cash equivalents, and restricted cash	$	985,328	$	1,065,613

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Changes in Deferred Revenue

The following table summarizes the changes in the balance of deferred revenue during the periods presented (in thousands):


	Three Months Ended March 31,
	2026		2025
Balance at beginning of the period	$	103,245	$	64,497
Plus: Billings during the period	366,253		291,517
Less: Revenue recognized during the period	(358,005)		(279,827)
Balance at end of the period	$	111,493	$	76,187

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis at the periods indicated below, by level within the fair value hierarchy (in thousands):


	As of March 31, 2026
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	376,147	$	—	$	—	$	376,147
Total	$	376,147	$	—	$	—	$	376,147


	As of December 31, 2025
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	325,904	$	—	$	—	$	325,904
Total	$	325,904	$	—	$	—	$	325,904

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Capitalized internal-use software	$	53,651	$	49,430
Office equipment	8,971		7,630
Computer equipment	12,261		11,385
Furniture and fixtures	14,519		14,144
Leasehold improvements	59,092		50,488
Construction-in-progress	3,964		9,109
Total property and equipment	152,458		142,186
Less accumulated depreciation and amortization	(68,000)		(61,845)
Total property and equipment, net	$	84,458	$	80,341

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

The following table presents components of accrued expenses (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Accrued compensation and employee related costs	$	55,030	$	65,230
Accrued sabbatical	5,120		4,458

Accrued value added tax	983		948
Other accrued taxes	6,324		8,691
Accrued cost of revenue	23,299		22,609
Accrued professional services	4,415		3,742
Accrued marketing	6,396		4,597
Accrued occupancy costs	6,969		9,262
Other accrued expenses	5,435		5,622
Total accrued expenses	$	113,971	$	125,159

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	6,997	$	5,775
Short-term lease cost	647		252
Total lease cost	$	7,644	$	6,027

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for operating lease liabilities, net of tenant incentives received	$	5,546	$	4,422
ROU assets recognized for new leases and amendments (non-cash)	$	—	$	51,602

Other information related to leases is as follows:


	As of,
	March 31, 2026		December 31, 2025
Weighted average remaining lease term	6.4 years		6.6 years
Weighted average discount rate	6.73	%	6.71	%

Schedule of Supplemental Balance Sheet Information Related to Operating Leases

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Operating lease ROU assets	$	96,135	$	101,126
Operating lease liabilities, current	23,969		24,757
Operating lease liabilities, non-current	93,238		95,991
Total lease liabilities	$	117,207	$	120,748

Schedule of Future Undiscounted Annual Cash Flows

Future undiscounted annual cash flows for the Company’s operating leases as of March 31, 2026 are as follows (in thousands):


Fiscal Year Ending December 31,	Operating Leases
Remaining portion of 2026	$	19,935
2027	19,860
2028	20,863
2029	20,769
2030	21,054
Thereafter	42,720
Total future undiscounted lease payments	145,201
Less imputed interest	(27,994)
Total lease liabilities	$	117,207

Common Stock and Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Warrant Activity

The following table summarizes the warrants activity during the three months ended March 31, 2026:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life (years)
Warrants outstanding at January 1, 2026	2,410,676	$	0.01	6.58
Granted	—	—		—
Exercised	(344,383)	0.01		6.49
Cancelled	—	—		—
Warrants outstanding at March 31, 2026	2,066,293	$	0.01	6.33

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

Stock-based compensation included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cost of revenue	$	2,098	$	1,757
Selling and marketing	10,520		12,097
Research and development	16,985		16,188
General and administrative	12,200		8,285
Stock-based compensation, net of amounts capitalized	41,803		38,327
Capitalized stock-based compensation expense	854		1,107
Total stock-based compensation expense	$	42,657	$	39,434

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Share, Basic and Diluted

The following table presents the calculation of basic and diluted net income (loss) per share attributable to Series A and Series B common stockholders for the three months ended March 31, 2026 and 2025 (in thousands, except share and per share data):


	Three Months Ended March 31,
	2026		2025
Net income (loss) per share attributable to Series A and Series B common stockholders, basic:
Numerator:
Net income (loss)	$	9,038	$	(14,089)
Denominator:
Weighted-average shares, basic	304,343,623		274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, basic	$	0.03	$	(0.05)

Net income (loss) per share attributable to Series A and Series B common stockholders, diluted:
Numerator:
Net income (loss)	$	9,038	$	(14,089)
Denominator:
Weighted-average shares, diluted	305,801,451		274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, diluted	$	0.03	$	(0.05)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the potential common shares excluded from the computation of diluted net income (loss) per share (in thousands):


	As of March 31,
	2026	2025
Warrants outstanding	2,066,293	3,443,822
Investment Option	15,743,174	15,743,174
RSUs and PSUs outstanding	21,527,931	20,026,174
Options outstanding	—	24,242,288
ESPP	774,123	325,602
Total	40,111,521	63,781,060

Segment Information and Geographic Data (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenue and Long-Lived Assets, by Geographical Area

Revenue by geographic area, based on the location of the Company’s customers, was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Americas:
United States	$	209,451	$	171,899
Other Americas (1)	17,363		13,595
APAC (1)(2)	37,097		28,262
EMEA (1)(3)
United Kingdom	35,949		27,528
Other EMEA (4)	58,145		38,543
Total Revenue	$	358,005	$	279,827

(1) Other than the United States, no other individual country accounted for 10% or more of total revenue for any of the periods presented.
(2) Asia-Pacific
(3) Europe, the Middle East and Africa

(4) Other than the United Kingdom, no other individual country accounted for 10% or more of total revenue for any of the periods presented.

Disaggregation of Long-lived Assets

Long-lived assets consist of property and equipment and ROU assets. Long-lived assets by geographical region are as follows (in thousands):


	As of,
	March 31, 2026		December 31, 2025
Americas
United States	$	172,822	$	171,140
APAC (1)	1,110		1,402
EMEA (2)
United Kingdom	6,250		8,615
Other (3)	411		310
Total Long-lived assets	$	180,593	$	181,467

(1) Asia-Pacific
(2) Europe, the Middle East and Africa

(3) No other country in this geographic region represented more than 10% of the Company’s long-lived assets for the periods presented

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Selling and marketing	$ 134,055	$ 123,527
Accrued expenses	113,971		$ 125,159
Accounts payable	21,613		29,072
Capitalized prepaid marketing expense	8,100	8,100
Prepaid marketing expense	127,724		132,849
Cash equivalents	376,100		325,900
Restricted cash	738		738
Cash and cash equivalents	$ 984,590		1,064,875
ESPP
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
ESPP purchase discount	15.00%
ESPP \| Call Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent look-back feature, portion covered by option	0.85
ESPP \| Put Option
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percent look-back feature, portion covered by option	0.15
Interest-Bearing Deposits
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents	$ 150,000
Shopify \| Revenue Sharing Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Selling and marketing	8,900	7,900
Accrued expenses	2,900		3,000
Accounts payable	3,000		3,000
Shopify \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Marketing expense	13,200	$ 13,200
Prepaid marketing expense	127,700		$ 132,800
Unrecognized marketing expense	$ 176,300
Warrants, cost not yet recognized, period for recognition	3 years 3 months 18 days

Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 984,590	$ 1,064,875
Restricted cash	738	738
Total cash, cash equivalents, and restricted cash	$ 985,328	$ 1,065,613	$ 889,171	$ 882,587

Revenue Recognition - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Change in Contract with Customer, Liability, Revenue Recognized [Roll Forward]
Balance at beginning of the period	$ 103,245	$ 64,497
Plus: Billings during the period	366,253	291,517
Less: Revenue recognized during the period	(358,005)	(279,827)
Balance at end of the period	$ 111,493	$ 76,187

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Amounts included in contract liability at the beginning of the period	$ 89.7	$ 56.9
Revenue expected to be recognized	275.8
Allowance for doubtful accounts	2.3		$ 2.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 256.7
Expected period of recognition	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue expected to be recognized	$ 19.1
Expected period of recognition

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 376,147	$ 325,904
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	376,147	325,904
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	376,147	325,904
Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	376,147	325,904
Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	0	0
Money market funds \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 152,458	$ 142,186
Less accumulated depreciation and amortization	(68,000)	(61,845)
Property and equipment, net	84,458	80,341
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property and equipment	53,651	49,430
Office equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	8,971	7,630
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	12,261	11,385
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	14,519	14,144
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	59,092	50,488
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 3,964	$ 9,109

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 6.6	$ 4.8
Capitalized internal-use software development costs	4.4	6.1
Amortization of capitalized internal-use software development costs	3.5	1.7
Service Life
Property, Plant and Equipment [Line Items]
Reduction in depreciation expense	$ 1.2	$ 0.6

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued compensation and employee related costs	$ 55,030	$ 65,230
Accrued sabbatical	5,120	4,458
Accrued value added tax	983	948
Other accrued taxes	6,324	8,691
Accrued cost of revenue	23,299	22,609
Accrued professional services	4,415	3,742
Accrued marketing	6,396	4,597
Accrued occupancy costs	6,969	9,262
Other accrued expenses	5,435	5,622
Total accrued expenses	$ 113,971	$ 125,159

Commitments and Contingencies (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Future minimum payments under non-cancelable purchase commitments	$ 875.2	$ 929.2

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease cost	$ 6,997	$ 5,775
Short-term lease cost	647	252
Total lease cost	$ 7,644	$ 6,027

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease ROU assets	$ 96,135	$ 101,126
Operating lease liabilities, current	23,969	24,757
Operating lease liabilities, non-current	93,238	95,991
Total lease liabilities	$ 117,207	$ 120,748

Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Cash paid for operating lease liabilities, net of tenant incentives received	$ 5,546	$ 4,422
ROU assets recognized for new leases and amendments (non-cash)	$ 0	$ 51,602

Leases - Schedule of Other Information (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted average remaining lease term	6 years 4 months 24 days	6 years 7 months 6 days
Weighted average discount rate	6.73%	6.71%

Leases - Schedule of Future Undiscounted Annual Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fiscal Year Ending December 31,
Remaining portion of 2026	$ 19,935
2027	19,860
2028	20,863
2029	20,769
2030	21,054
Thereafter	42,720
Total future undiscounted lease payments	145,201
Less imputed interest	(27,994)
Total lease liabilities	$ 117,207	$ 120,748

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	15.70%	7.00%

Common Stock and Stockholders’ Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 03, 2026	Mar. 31, 2026	Mar. 31, 2025	Mar. 02, 2026	Jul. 28, 2022
Class of Warrant or Right [Line Items]
Warrants vested (in shares)		344,383	344,382
Share Repurchase Program
Class of Warrant or Right [Line Items]
Share repurchase program authorized amount				$ 500.0
Available for share repurchase program		$ 400.0
Accelerated Share Repurchase Agreement
Class of Warrant or Right [Line Items]
Share repurchase program authorized amount				$ 100.0
Value of shares repurchased	$ 100.0
Common stock repurchases (in shares)	4,307,869
Common stock price (in dollar per share)	$ 18.87
Excise tax liability	$ 0.8
Shopify \| Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
Class of Warrant or Right [Line Items]
Maximum number of common stock shares in which warrants may be converted (in shares)					15,743,174

Common Stock and Stockholders’ Equity - Schedule of Warrant Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Number of Shares
Outstanding, beginning (in shares)	2,410,676
Granted (in shares)	0
Exercised (in shares)	(344,383)
Cancelled (in shares)	0
Outstanding, ending (in shares)	2,066,293
Weighted Average Exercise Price
Outstanding, beginning (in dollars per share) \| $ / shares	$ 0.01
Exercised (in dollars per share) \| $ / shares	0.01
Outstanding, ending (in dollars per share) \| $ / shares	$ 0.01
Weighted Average Remaining Life (years)
Warrants outstanding at January 1, 2026	6 years 6 months 29 days
Exercised	6 years 5 months 26 days
Warrants outstanding at March 31, 2026	6 years 3 months 29 days

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) tranche $ / shares shares	Mar. 31, 2025 USD ($) employee shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 41,803	$ 38,327
Stock-based compensation modifications, number of employees affected \| employee		9
Stock-based compensation expense		$ 800
RSUs and PSUs outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Stock-based compensation modifications, number of shares affected (in shares) \| shares		24,134
RSUs and PSUs outstanding \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	1 year
Award vesting, percentage	25.00%
RSUs and PSUs outstanding \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	3 years
Performance Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	5 years
Granted ( in shares) \| shares	1,193,238
Aggregate fair value, granted	$ 19,000
Share-based compensation expense recognized	$ 1,800
Number of tranches \| tranche	4
Threshold consecutive days	60 days
Performance Stock Units \| Share-Based Payment Arrangement, Employees, Key Executives
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	1 year
Granted ( in shares) \| shares	26,737
Aggregate fair value, granted	$ 500
Performance period	1 year
Share-based compensation expense recognized	$ 0
Performance Stock Units \| Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price targets (in dollars per share) \| $ / shares	$ 40.00
Performance Stock Units \| Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price targets (in dollars per share) \| $ / shares	55.00
Performance Stock Units \| Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price targets (in dollars per share) \| $ / shares	70.00
Performance Stock Units \| Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock price targets (in dollars per share) \| $ / shares	$ 85.00
ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares) \| shares	13,712,401
Share-based compensation expense recognized	$ 1,900	$ 1,400
Unrecognized compensation expense	$ 3,600
Unrecognized share-based compensation cost, period of recognition	9 months
ESPP shares issued (in shares) \| shares	0	0
Minimum \| RSUs and PSUs outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service period	3 years
Maximum \| RSUs and PSUs outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Requisite service period	4 years
2023 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares authorized for issuance (in shares) \| shares	90,087,037
Number of shares available for grant (in shares) \| shares	62,482,311

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	$ 41,803	$ 38,327
Capitalized stock-based compensation expense	854	1,107
Total stock-based compensation expense	42,657	39,434
Cost of revenue
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	2,098	1,757
Selling and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	10,520	12,097
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	16,985	16,188
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation, net of amounts capitalized	$ 12,200	$ 8,285

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)(2)(i)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share - Narrative (Details)	Mar. 03, 2026 shares
Accelerated Share Repurchase Agreement
Share Repurchase Program [Line Items]
Common stock repurchases (in shares)	4,307,869

Earnings Per Share - Schedule of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income (loss)	$ 9,038	$ (14,089)
Denominator:
Weighted-average shares, basic (in shares)	304,343,623	274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, basic (in dollars per share)	$ 0.03	$ (0.05)
Numerator:
Net income (loss)	$ 9,038	$ (14,089)
Denominator:
Weighted-average shares, diluted (in shares)	305,801,451	274,198,213
Net income (loss) per share attributable to Series A and Series B common stockholders, diluted (in dollars per share)	$ 0.03	$ (0.05)

Earnings Per Share - Schedule of Potential Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	40,111,521	63,781,060
Warrants outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,066,293	3,443,822
Investment Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	15,743,174	15,743,174
RSUs and PSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	21,527,931	20,026,174
Options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	24,242,288
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	774,123	325,602

Segment Information and Geographic Data - Schedule of Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segment \| segment	1
Number of reportable segment \| segment	1
Disaggregation of Revenue [Line Items]
Revenue	$ 358,005	$ 279,827
United States
Disaggregation of Revenue [Line Items]
Revenue	209,451	171,899
Other Americas
Disaggregation of Revenue [Line Items]
Revenue	17,363	13,595
APAC
Disaggregation of Revenue [Line Items]
Revenue	37,097	28,262
United Kingdom
Disaggregation of Revenue [Line Items]
Revenue	35,949	27,528
Other EMEA
Disaggregation of Revenue [Line Items]
Revenue	$ 58,145	$ 38,543

Segment Information and Geographic Data - Schedule of Disaggregation of Long-Lived Asses (Details) - Operating Segment - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets	$ 180,593	$ 181,467
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets	172,822	171,140
APAC
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets	1,110	1,402
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets	6,250	8,615
Other EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total Long-lived assets	$ 411	$ 310