DigitalOcean (DOCN) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 28, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-40252
Entity Registrant Name	DigitalOcean Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-5207470
Entity Address, Address Line One	101 6th Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10013
City Area Code	646
Local Phone Number	827-4366
Title of 12(b) Security	Common stock, par value $0.000025 per share
Trading Symbol	DOCN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		107,340,145
Entity Central Index Key	0001582961
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Cash and cash equivalents	$ 577,218	$ 100,311
Accounts receivable, less allowance for doubtful accounts of $3,086 and $3,104, respectively	33,919	28,098
Prepaid expenses and other current assets	17,980	19,544
Total current assets	629,117	147,953
Property and equipment, net	243,050	238,956
Restricted cash	2,226	2,226
Goodwill	2,674	2,674
Intangible assets	34,497	34,649
Deferred tax assets	84	82
Other assets	3,782	3,712
Total assets	915,430	430,252
Accounts payable	16,187	12,433
Accrued other expenses	21,976	27,025
Deferred revenue	5,030	4,873
Current portion of long-term debt	0	17,468
Other current liabilities	12,194	22,986
Total current liabilities	55,387	84,785
Deferred tax liabilities	205	211
Long-term debt	0	242,215
Other long-term liabilities	1,754	2,061
Total liabilities	57,346	329,272
Commitments and Contingencies (Note 6)
Convertible preferred stock	0	173,074
Preferred stock ($0.000025 par value per share; 10,000,000 and 0 shares authorized; 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively)	0	0
Common stock ($0.000025 par value per share; 750,000,000 and 111,400,000 shares authorized; 109,213,693 and 45,299,339 issued; and 107,245,465 and 43,331,111 outstanding as of June 30, 2021 and December 31, 2020, respectively)	2	1
Treasury stock, at cost (1,968,228 shares at June 30, 2021 and December 31, 2020)	(4,598)	(4,598)
Additional paid-in capital	1,035,514	99,783
Accumulated other comprehensive loss	(273)	(245)
Accumulated deficit	(172,561)	(167,035)
Total stockholders’ equity (deficit)	858,084	(72,094)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 915,430	$ 430,252

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 103,810	$ 76,911	$ 197,471	$ 149,703
Cost of revenue	43,145	35,205	82,689	69,888
Gross profit	60,665	41,706	114,782	79,815
Operating expenses:
Research and development	27,121	15,130	49,523	34,607
Sales and marketing	11,812	6,957	22,233	16,411
General and administrative	24,362	17,841	42,402	39,506
Total operating expenses	63,295	39,928	114,158	90,524
(Loss) income from operations	(2,630)	1,778	624	(10,709)
Other (income) expense:
Interest expense	233	3,779	2,489	7,295
Loss on extinguishment of debt	0	0	3,435	259
Other (income) expense, net	(203)	318	(297)	241
Other (income) expense	30	4,097	5,627	7,795
Loss before income taxes	(2,660)	(2,319)	(5,003)	(18,504)
Income tax (benefit) expense	(473)	251	523	999
Net loss attributable to common stockholders	$ (2,187)	$ (2,570)	$ (5,526)	$ (19,503)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.02)	$ (0.06)	$ (0.07)	$ (0.48)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.02)	$ (0.06)	$ (0.07)	$ (0.48)
Weighted average shares used to compute net loss per share, basic (in shares)	106,765,000	41,420,000	78,257,000	40,683,000
Weighted average shares used to compute net loss per share, diluted (in shares)	106,765,000	41,420,000	78,257,000	40,683,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Other Comprehensive Income [Abstract]
Net loss attributable to common stockholders	$ (2,187)	$ (2,570)	$ (5,526)	$ (19,503)
Other comprehensive loss:
Foreign currency translation adjustments, net of taxes	(40)	(3)	(28)	(179)
Comprehensive loss	$ (2,227)	$ (2,573)	$ (5,554)	$ (19,682)

Consolidated Statements of Conv

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2019	40,750,324
Temporary equity, carrying amount attributable to parent at beginning of period at Dec. 31, 2019	$ 123,264
Temporary equity, shares outstanding at end of period (in shares) at Jun. 30, 2020	45,472,229
Temporary equity, carrying amount attributable to parent at end of period at Jun. 30, 2020	$ 173,074
Shares outstanding at beginning of period (in shares) at Dec. 31, 2019		41,095,849	(1,968,228)
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2019	(72,280)	$ 1	$ (4,598)	$ 55,896	$ (112)	$ (123,467)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock option plan (in shares)		2,797,468
Issuance of common stock under equity incentive plan, net of taxes withheld	$ 9,393			9,393
Issuance of convertible preferred stock (in shares)	4,721,905
Issuance of convertible preferred stock	$ 49,810
Stock-based compensation	12,438			12,438
Other comprehensive loss	(179)				(179)
Net loss	(19,503)					(19,503)
Shares outstanding at end of period (in shares) at Jun. 30, 2020		43,893,317	(1,968,228)
Total stockholders’ equity (deficit) at end of period at Jun. 30, 2020	$ (70,131)	$ 1	$ (4,598)	77,727	(291)	(142,970)
Temporary equity, shares outstanding at beginning of period (in shares) at Mar. 31, 2020	40,750,324
Temporary equity, carrying amount attributable to parent at beginning of period at Mar. 31, 2020	$ 123,264
Temporary equity, shares outstanding at end of period (in shares) at Jun. 30, 2020	45,472,229
Temporary equity, carrying amount attributable to parent at end of period at Jun. 30, 2020	$ 173,074
Shares outstanding at beginning of period (in shares) at Mar. 31, 2020		42,831,591	(1,968,228)
Total stockholders’ equity (deficit) at beginning of period at Mar. 31, 2020	(73,903)	$ 1	$ (4,598)	71,382	(288)	(140,400)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock option plan (in shares)		1,061,726
Issuance of common stock under equity incentive plan, net of taxes withheld	$ 3,423			3,423
Issuance of convertible preferred stock (in shares)	4,721,905
Issuance of convertible preferred stock	$ 49,810
Stock-based compensation	2,922			2,922
Other comprehensive loss	(3)				(3)
Net loss	(2,570)					(2,570)
Shares outstanding at end of period (in shares) at Jun. 30, 2020		43,893,317	(1,968,228)
Total stockholders’ equity (deficit) at end of period at Jun. 30, 2020	$ (70,131)	$ 1	$ (4,598)	77,727	(291)	(142,970)
Temporary equity, shares outstanding at beginning of period (in shares) at Dec. 31, 2020	45,472,229
Temporary equity, carrying amount attributable to parent at beginning of period at Dec. 31, 2020	$ 173,074
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)	(45,472,229)
Conversion of convertible preferred stock to common stock in connection with initial public offering	$ 173,074
Temporary equity, shares outstanding at end of period (in shares) at Jun. 30, 2021	0
Temporary equity, carrying amount attributable to parent at end of period at Jun. 30, 2021	$ 0
Shares outstanding at beginning of period (in shares) at Dec. 31, 2020		45,299,339	(1,968,228)
Total stockholders’ equity (deficit) at beginning of period at Dec. 31, 2020	$ (72,094)	$ 1	$ (4,598)	99,783	(245)	(167,035)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock option plan (in shares)	1,836,221	1,877,797
Issuance of common stock under equity incentive plan, net of taxes withheld	$ 6,480			6,480
Exercise of common stock warrants (in shares)		64,328
Stock-based compensation	$ 19,146			$ 19,146
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs (in shares)		$ 16,500
Issuance of common stock in connection with initial public offering, net of underwriting discounts and issuance costs (in shares)	723,126,000	1,000		723,125,000
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)		45,472,229
Conversion of convertible preferred stock to common stock in connection with initial public offering	$ 173,074			$ 173,074
Conversion of redeemable preferred stock warrants to common stock warrants	13,906			13,906
Other comprehensive loss	(28)				(28)
Net loss	(5,526)					(5,526)
Shares outstanding at end of period (in shares) at Jun. 30, 2021		109,213,693	(1,968,228)
Total stockholders’ equity (deficit) at end of period at Jun. 30, 2021	$ 858,084	$ 2	$ (4,598)	1,035,514	(273)	(172,561)
Temporary equity, shares outstanding at beginning of period (in shares) at Mar. 31, 2021	0
Temporary equity, carrying amount attributable to parent at beginning of period at Mar. 31, 2021	$ 0
Temporary equity, shares outstanding at end of period (in shares) at Jun. 30, 2021	0
Temporary equity, carrying amount attributable to parent at end of period at Jun. 30, 2021	$ 0
Shares outstanding at beginning of period (in shares) at Mar. 31, 2021		108,305,374	(1,968,228)
Total stockholders’ equity (deficit) at beginning of period at Mar. 31, 2021	845,110	$ 2	$ (4,598)	1,020,313	(233)	(170,374)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock option plan (in shares)		843,991
Issuance of common stock under equity incentive plan, net of taxes withheld	2,740			2,740
Exercise of common stock warrants (in shares)		64,328
Stock-based compensation	12,461			12,461
Other comprehensive loss	(40)				(40)
Net loss	(2,187)					(2,187)
Shares outstanding at end of period (in shares) at Jun. 30, 2021		109,213,693	(1,968,228)
Total stockholders’ equity (deficit) at end of period at Jun. 30, 2021	$ 858,084	$ 2	$ (4,598)	$ 1,035,514	$ (273)	$ (172,561)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss	$ (5,526)	$ (19,503)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	42,541	35,722
Loss on impairment	0	686
Stock-based compensation	18,825	12,139
Non-cash interest expense	296	909
Loss on extinguishment of debt	3,435	259
Revaluation of warrants	(556)	287
Bad debt expense	3,467	6,891
Other	(41)	(130)
Changes in operating assets and liabilities:
Accounts receivable	(9,287)	(9,295)
Prepaid expenses and other current assets	1,563	(8,129)
Accounts payable and accrued expenses	3,767	(2,021)
Deferred revenue	157	(126)
Other assets and liabilities	1,556	(794)
Net cash provided by operating activities	60,197	16,895
Investing activities
Capital expenditures - property and equipment	(47,036)	(48,045)
Capital expenditures - internal-use software development	(2,713)	(7,350)
Purchase of intangible assets	0	(3,630)
Proceeds from sale of equipment	81	0
Net cash used in investing activities	(49,668)	(59,025)
Financing activities
Repayment of capital leases	0	(463)
Repayment of notes payable	(33,214)	(5,520)
Proceeds from third-party secured financings	0	7,795
Repayment of term loan	(166,813)	(71,375)
Proceeds from issuance of term loan	0	170,000
Repayment of borrowings under revolving credit facility	(63,200)	(84,500)
Proceeds from borrowings under revolving credit facility	0	63,200
Payment of debt issuance costs	0	(3,274)
Proceeds related to the issuance of common stock under equity incentive plan, net of taxes withheld	6,480	9,393
Proceeds from the issuance of convertible preferred stock, net of issuance costs	0	49,810
Payment of initial public offering costs	0	(184)
Proceeds from initial public offering, net of underwriting discounts and commissions and other offering costs	723,125	0
Net cash provided by financing activities	466,378	134,882
Increase in cash, cash equivalents and restricted cash	476,907	92,752
Cash, cash equivalents and restricted cash - beginning of period	102,537	35,886
Cash, cash equivalents and restricted cash - end of period	579,444	128,638
Supplemental disclosures of cash flow information:
Cash paid for interest	2,152	6,278
Cash paid for taxes (net of refunds)	633	451
Non-cash investing and financing activities:
Capitalized stock-based compensation	321	299
Property and equipment received but not yet paid	14,407	15,867
Seller financed equipment purchases	$ 0	$ 3,927

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 3,086	$ 3,104
Preferred stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	750,000,000	111,400,000
Common stock, shares issued (in shares)	109,213,693	45,299,339
Common stock, shares outstanding at beginning of period (in shares)	107,245,465	43,331,111
Treasury stock, shares (in shares)	1,968,228	1,968,228

Nature of the Business and Orga

Nature of the Business and Organization	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Organization	Nature of the Business and Organization DigitalOcean Holdings, Inc. and its subsidiaries (collectively, the “Company”, “we”, “our”, “us”) is a leading cloud computing platform offering on-demand infrastructure and platform tools for developers, start-ups and small-to-medium size businesses. The Company was founded with the guiding principle that the transformative benefits of the cloud should be easy to leverage, broadly accessible, reliable and affordable. The Company’s platform simplifies cloud computing, enabling its customers to rapidly accelerate innovation and increase their productivity and agility. The Company offers mission-critical infrastructure solutions across compute, storage and networking, and also enables developers to extend the native capabilities of the Company’s cloud with fully managed application, container and database offerings. The Company has adopted a holding company structure and the primary operations are performed globally through our wholly-owned operating subsidiaries. Initial Public Offering On March 26, 2021, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 16,500,000 shares of its common stock at a public offering price of $47.00 per share, which resulted in net proceeds of $723,125 after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company. In connection with the IPO, all shares of the convertible preferred stock then outstanding automatically converted into 45,472,229 shares of common stock, and the redeemable convertible preferred stock warrants automatically converted into common stock warrants. Prior to the IPO, deferred offering costs, which consist of direct incremental legal, accounting, and consulting fees relating to the IPO, were capitalized in Prepaid expenses and other current assets in the condensed consolidated balance sheets. Upon the consummation of the IPO, $1,403 of net deferred offering costs were reclassified into stockholders’ equity as an offset against the IPO proceeds.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), the same basis as the audited consolidated financial statements included in the Company’s final prospectus for its IPO dated as of March 23, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on March 24, 2021 (“Final Prospectus”). In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of June 30, 2021, results of operations for the three and six months ended June 30, 2021 and 2020, cash flows for the six months ended June 30, 2021 and 2020, and stockholders' equity for the three and six months ended June 30, 2021 and 2020. The condensed consolidated financial statements include the accounts of DigitalOcean Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain prior year amounts have been reclassified and revised to conform to the current year presentation. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates, judgments and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Such estimates include, but are not limited to, those related to revenue recognition, accounts receivable and related reserves, useful lives and realizability of long lived assets, capitalized internal-use software development costs, accounting for stock-based compensation, and valuation allowances against deferred tax assets. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments in money market funds, commercial paper and certificates of deposit, with original maturities from the date of purchase of three months or less. The carrying amounts of cash and cash equivalents approximate fair value because of the short-term maturity and highly liquid nature of these instruments. In June 2021, the Company purchased $120,000 in commercial paper and $30,000 in certificates of deposit, maturing monthly for the next three months, with interest rates ranging from 0.02% to 0.10%. Restricted Cash Restricted cash includes deposits in financial institutions related to letters of credit used to secure lease agreements. The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: June 30, 2021 2020 Cash and cash equivalents $ 577,218 $ 126,223 Restricted cash 2,226 2,415 Total cash, cash equivalents and restricted cash $ 579,444 $ 128,638 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable primarily represents revenue recognized that was not invoiced at the balance sheet date and is primarily billed and collected in the following month. Trade accounts receivable are carried at the original invoiced amount less an estimated allowance for doubtful accounts based on the probability of future collection. Management determines the adequacy of the allowance based on historical loss patterns, the number of days that customer invoices are past due and an evaluation of the potential risk of loss associated with specific accounts. When management becomes aware of circumstances that may further decrease the likelihood of collection, it records a specific allowance against amounts due, which reduces the receivable to the amount that management reasonably believes will be collected. The Company records changes in the estimate to the allowance for doubtful accounts through bad debt expense and reverses the allowance after the potential for recovery is considered remote. The following table presents the changes in our allowance for doubtful accounts for the period presented: Amount Balance as of December 31, 2020 $ 3,104 Bad debt expense, net of recoveries 3,467 Write-offs (3,485) Balance as of June 30, 2021 $ 3,086 Deferred Revenue Deferred revenue was $5,030 and $4,873 as of June 30, 2021 and December 31, 2020, respectively. Revenue recognized during the three months ended June 30, 2021 and 2020 was $1,821 and $1,471, respectively, and $3,546 and $2,915 during the six months ended June 30, 2021 and 2020, respectively, which was included in each deferred revenue balance at the beginning of each respective period. Segment Information The Company’s chief operating decision maker, the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. Accordingly, the Company has one operating and reporting segment. Geographical Information Revenue, as determined based on the billing address of the Company’s customers, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 North America 38 % 39 % 38 % 38 % Europe 29 28 29 28 Asia 23 24 23 25 Other 10 9 10 9 Total 100 % 100 % 100 % 100 % Revenue derived from customers in the U.S. was approximately 31% of total revenue for each of the periods presented on the condensed consolidated statements of operations. No country outside of the U.S. had net revenue greater than 10% of total consolidated revenue in any period presented. Property and equipment located in the U.S. was approximately 48% as of June 30, 2021 and December 31, 2020 with the remainder of net assets residing in international locations, primarily in the Netherlands, Singapore and Germany. Concentration of Credit Risk The amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, restricted cash, and trade accounts receivable are exposed to concentrations of credit risk. Although the Company maintains cash and cash equivalents with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company’s customer base consists of a significant number of geographically dispersed customers. No customer represented 10% or more of accounts receivable, net as of June 30, 2021 and December 31, 2020. Additionally, no customer accounted for 10% or more of total revenue during the three and six months ended June 30, 2021 and 2020, respectively. Recent Accounting Pronouncements – Pending Adoption The following effective dates represent the requirements for private companies which the Company has elected as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter (“ASU 2016-02”). ASU 2016-02 requires a reporting entity to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases to increase transparency and comparability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company will record a right of use asset and liability, and is currently evaluating the impact of adoption on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, with subsequent amendments, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires immediate recognition of management’s estimates of current expected credit losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022, and interim periods within annual periods beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements.

Balance Sheet Details

Balance Sheet Details	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Property and equipment, net Property and equipment, net consisted of the following: June 30, 2021 December 31, 2020 Computers and equipment $ 480,368 $ 442,778 Furniture and fixtures 1,511 1,511 Leasehold improvements 6,820 6,820 Internal-use software 64,674 61,640 Property and equipment, gross $ 553,373 $ 512,749 Less: accumulated amortization $ (43,185) $ (36,186) Less: accumulated depreciation (267,138) (237,607) Property and equipment, net $ 243,050 $ 238,956 Depreciation expense on property and equipment for the three months ended June 30, 2021 and 2020 was $18,171 and $14,872, respectively, and $35,390 and $29,348 for the six months ended June 30, 2021 and 2020, respectively. The Company capitalizes costs related to the development of computer software for internal use of $3,034 and $7,649 for the six months ended June 30, 2021 and 2020, respectively, which is included in internal-use software costs within Property and equipment, net. Amortization expense related to internal-use software for the three months ended June 30, 2021 and 2020 was $3,343 and $3,381, respectively, and $7,000 and $6,223 for the six months ended June 30, 2021 and 2020, respectively. During the three and six months ended June 30, 2020, the Company recorded an impairment loss of $148 and $686, respectively, related to software that is no longer being used. No impairment loss was recorded for the three or six months ended June 30, 2021. Accrued other expenses Accrued other expenses consisted of the following: June 30, 2021 December 31, 2020 Accrued bonuses $ 8,942 $ 12,512 Accrued capital expenditures 4,032 8,478 Other accrued expenses 9,002 6,035 Total accrued other expenses $ 21,976 $ 27,025 Other current liabilities Other current liabilities consisted of the following: June 30, 2021 December 31, 2020 Accrued taxes $ 9,316 $ 7,758 Warrant liability — 14,463 ESPP withholding 2,126 — Other 752 765 Total other current liabilities $ 12,194 $ 22,986

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: June 30, 2021 December 31, 2020 Credit Facility Term Loan (1) $ — $ 165,051 Revolving Credit Facility — 63,200 Notes payable — 31,432 Total debt $ — $ 259,683 Less: current portion Credit Facility $ — $ (7,438) Notes payable — (10,030) Current portion of long-term debt — (17,468) Total long-term debt $ — $ 242,215 ___________________ (1) Amount is net of unamortized discount and debt issuance costs of $1,761 as of December 31, 2020. Credit Facility As of March 31, 2021, the Company paid the remaining obligations on the outstanding Credit Facility, which includes the Term Loan and Revolving Credit Facility. At June 30, 2021, the Company had available borrowing capacity of $150,000 on the Revolving Credit Facility. The Company recognized a loss on extinguishment of debt of $1,652 for the unamortized discount and debt issuance costs related to the Term Loan in the first quarter of 2021. The write-off of the unamortized discount and debt issuance costs represent a non-cash adjustment to reconcile net income to net cash provided by operating activities within the Condensed Consolidated Statements of Cash Flows. The Company incurred commitment fees on the unused balance of the Revolving Credit Facility of $103 and $88 for the three months ended June 30, 2021 and 2020, respectively, and $170 and $155 for the six months ended June 30, 2021 and 2020, respectively. Interest and amortization of deferred financing fees for the three months ended June 30, 2021 and 2020 was $90 and $3,051, respectively, and $2,063 and $5,411 for the six months ended June 30, 2021 and 2020, respectively. Notes Payable During the three months ended March 31, 2021, the Company paid the remaining obligations on all outstanding notes payable. Total interest expense for the three months ended June 30, 2021 and 2020 was $38 and $643, respectively, and $254 and $1,166 for the six months ended June 30, 2021 and 2020, respectively. The Company recognized a loss on extinguishment of debt of $1,783 for unaccrued interest paid in conjunction with the payoff of the remaining debt obligation during the six months ended June 30, 2021 .

Operating Leases

Operating Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Operating Leases	Operating Leases The Company leases data center facilities and office space under generally non-cancelable operating lease agreements, which expire at various dates through 2025. Facility leases generally include renewal options and may include escalating rental payment provisions. Additionally, the leases may require us to pay a portion of the related operating expenses. Rent expense related to these operating leases for the three months ended June 30, 2021 and 2020 was $988 and $1,125, respectively, and $2,022 and $2,239 for the six months ended June 30, 2021 and 2020, respectively. As of June 30, 2021, future minimum rental payments under operating lease agreements were as follows: 2021 (six months remaining) $ 20,993 2022 28,928 2023 22,789 2024 21,339 2025 3,975 Thereafter — Total minimum operating lease payments $ 98,024

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments As of June 30, 2021, the Company had long-term commitments for bandwidth usage with various networks and internet service providers and entered into purchase orders with various vendors. The Company’s purchase commitments have not materially changed since December 31, 2020. Letters of Credit In conjunction with the execution of certain office space operating leases, letters of credit in the aggregate amount of $2,226 were issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. No draws have been made under such letters of credit. These funds are included as Restricted cash on the Condensed Consolidated Balance Sheets as they are related to long-term operating leases and are included in beginning and ending Cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows. Certain of the letters of credit can be reduced on an annual basis until 2022, at which point the deposit required will similarly reduce to meet minimum threshold requirements. Legal Proceedings The Company may be involved in various legal proceedings and litigation arising in the ordinary course of business. While it is not feasible to predict or determine the ultimate disposition of any such litigation matters, the Company believes that any such legal proceedings will not have a material adverse effect on its condensed consolidated financial position, results of operations, or liquidity.

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders’ Equity (Deficit)	Stockholders’ Equity (Deficit) Common Stock The Company’s amended and restated certificate of incorporation authorizes the issuance of common and preferred stock. Holders of common stock are entitled to one vote per share. As of June 30, 2021 and December 31, 2020, the Company was authorized to issue 750,000,000 and 111,400,000 shares of common stock, respectively, with a par value of $0.000025 per share. Common Stock Reserved for Future Issuance The Company is authorized to reserve shares of common stock for potential conversion as follows: June 30, 2021 December 31, 2020 Series Seed preferred stock — 12,517,832 Series A-1 preferred stock (1) — 18,304,108 Series B preferred stock — 10,237,032 Series C preferred stock — 4,721,905 Common stock warrants 241,964 — 2021 Equity Incentive Plan 30,930,000 34,821,642 Employee Stock Purchase Plan 2,200,000 — Total number of shares for common stock reserved 33,371,964 80,602,519 ___________________ (1) Amount includes 308,632 shares of common stock held in reserve for the redeemable convertible preferred stock warrants which were converted to common stock warrants upon the completion of the IPO. Preferred Stock In connection with the IPO, the Company's amended and restated certificate of incorporation became effective, which authorized the issuance of 10,000,000 shares of preferred stock with a par value of $0.000025 per share with rights and preferences, including voting rights, designated from time to time by the Company's Board of Directors. No shares of preferred stock were issued and outstanding as of June 30, 2021. Redeemable Convertible Preferred Stock Upon completion of the IPO, all shares of Series Seed, Series A, Series B, and Series C redeemable convertible preferred stock then outstanding, totaling 45,472,229 shares, were automatically converted into an equivalent number of shares of common stock. The carrying value of $173,074 was reclassified into Stockholders' equity (deficit). As of June 30, 2021, there were no shares of redeemable convertible preferred stock authorized, issued and outstanding. Common Stock Warrants During 2015 and 2014, the Company issued warrants to third parties as partial consideration for property and equipment primarily used in our co-location centers. These warrants allowed the holder to purchase 66,668 shares of common stock at $1.50 per share, and 241,964 shares of common stock at $2.0663 per share. The warrants, which are equity classified, are immediately exercisable, had a term of ten years and various expiration dates through 2025. With the conversion of the convertible preferred stock into shares of common stock upon the completion of the IPO, 308,632 shares of the redeemable convertible preferred stock warrants automatically converted into common stock warrants. The warrants were remeasured on the date of the IPO using the public offering price of $47.00 per share, which resulted in a gain of $556 that was recorded to Other (income) expense, net for the period ending March 31, 2021. The warrants are considered indexed to the Company’s own stock and therefore no subsequent remeasurement is required. During April 2021, a warrant holder net exercised its warrant for 64,328 shares of common stock. During July 2021, a warrant holder net exercised its warrants for 232,520 shares of common stock. No warrants remain outstanding as of July 31, 2021. Treasury Stock The Company records treasury stock at the cost to acquire shares and is included as a component of Stockholders’ equity (deficit). At June 30, 2021 and December 31, 2020, the Company had 1,968,228 shares of treasury stock which were carried at its cost basis of $4,598 on the Condensed Consolidated Balance Sheets.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Equity Incentive Plan In March 2021, the Company’s board of directors adopted, and the stockholders approved, the 2021 Equity Incentive Plan. The 2021 Equity Incentive Plan is a successor to and continuation of the 2013 Stock Plan. The 2021 Equity Incentive Plan became effective on the date of the IPO with no further grants being made under the 2013 Stock Plan, however, awards outstanding under our 2013 Stock Plan will continue to be governed by their existing terms. The 2021 Equity Incentive Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units awards (“RSUs”), performance awards, and other awards to employees, directors, and consultants up to an aggregate of 30,930,000 shares of common stock. Shares issued pursuant to the exercise of these awards are transferable by the holder. Amounts paid by economic interest holders in excess of fair value are recorded as stock-based compensation (see Note 11). Stock Options Stock options granted have a maximum term of ten years from the grant date, are exercisable upon vesting and vest over a period of four years. Stock option activity for the six months ended June 30, 2021 was as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life in Years Aggregate Intrinsic Value Outstanding at January 1, 2021 16,933,494 $ 6.73 8.44 $ 596,767 Exercised (1,836,221) 4.08 Forfeited or cancelled (601,894) 7.39 Outstanding at June 30, 2021 14,495,379 7.04 8.01 $ 703,769 Vested and exercisable at June 30, 2021 6,164,388 5.13 7.36 311,067 Vested and unvested expected to vest at June 30, 2021 11,813,527 $ 6.57 7.87 $ 579,118 The aggregate intrinsic value represents the difference between the fair value of common stock and the exercise price of outstanding in-the-money options. The aggregate intrinsic value of exercised options for the six months ended June 30, 2021 and 2020 was $48,516 and $8,382, respectively. The weighted-average grant date fair value of options granted to participants during the six months ended June 30, 2020 was $3.25 per share. No options were granted during the six months ended June 30, 2021. The aggregate estimated fair value of stock options granted to participants that vested during the six months ended June 30, 2021 and 2020 was $9,275 and $3,151, respectively. As of June 30, 2021, there was $33,393 of unrecognized stock-based compensation expense related to outstanding stock options granted that is expected to be recognized over a weighted-average period of 2.89 years. RSUs RSUs granted vest over four years. RSU activity for the six months ended June 30, 2021 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2021 413,750 $ 13.69 Granted 2,502,560 42.25 Vested (77,150) 11.69 Forfeited or cancelled (69,437) 41.94 Unvested balance at June 30, 2021 2,769,723 38.85 Vested and expected to vest at June 30, 2021 1,505,263 $ 38.89 As of June 30, 2021, there was $52,713 of unrecognized stock-based compensation expense related to outstanding RSUs granted that is expected to be recognized over a weighted-average period of 3.62 years. PRSUs On June 10, 2021, the Company granted PRSUs to certain executives of the Company (“2021 PRSUs”). A percentage of the PRSUs ranging from 0% to 200% will become eligible to vest based on the Company’s financial performance level for fiscal year 2021 (the “Performance Period”). The financial performance level is determined as the percentage equal to the sum of the revenue growth percentage (percentage increase in revenue from fiscal year 2020 to fiscal year 2021) and profitability percentage (adjusted EBITDA margin minus capital expenditures as a percentage of revenue). Capital expenditures includes purchases of intangible assets, seller financed equipment purchases and acquisition of property and equipment from capital leases. Assuming the minimum performance target is achieved, one-third of the aggregate number of 2021 PRSUs shall vest in 2022 on the later of (i) March 1, 2022 or (ii) two trading days following the public release of the Company’s 2021 financial results, and the remainder shall vest in eight equal quarterly installments subject, in each case, to the individual’s continuous service through the applicable vesting date. During the Performance Period, the Company will adjust compensation expense for the 2021 PRSUs based on its best estimate of attainment of the specified annual performance metrics. The cumulative effect on current and prior periods of a change in the estimated number of 2021 PRSUs that are expected to be earned during the Performance Period will be recognized as an adjustment to earnings in the period of the revision. Shares Weighted-Average Fair Value Unvested balance at January 1, 2021 — $ — Granted 318,754 41.24 Unvested balance at June 30, 2021 318,754 41.24 Compensation cost in connection with the probable number of shares that will vest will be recognized using the accelerated attribtuion method through March 1, 2024. As of June 30, 2021, the Company determined that it was probable that the 2021 PRSUs would vest and there was $12,501 of unrecognized stock-based compensation expense related to outstanding 2021 PRSUs granted that is expected to be recognized over a weighted-average period of 1.5 years. Employee Stock Purchase Plan In March 2021, the Company’s board of directors adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (the “ESPP”), which became effective on the date of the Final Prospectus. The ESPP initially reserved and authorized the issuance of up to a total of 2,200,000 shares of common stock to participating employees. As of June 30, 2021, 2,200,000 shares of common stock remain available for issuance under the ESPP. The initial enrollment period began on the date of the IPO and ended on April 3, 2021. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the $47.00 initial public offering price of the Company’s common stock or (2) the fair market value of the Company’s common stock on the purchase date, as defined in the ESPP. The initial offering and purchase period under the ESPP commenced on the IPO date with the first purchase date to be November 19, 2021. During the three months ended June 30, 2021, the Company recorded $1,922 of stock based compensation related to the ESPP. As of June 30, 2021, $2,126 has been withheld on behalf of employees and there were no purchases related to the ESPP. Stock-Based Compensation Stock-based compensation was included in the Condensed Consolidated Statements of Operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 405 $ 68 $ 601 $ 92 Research and development 5,059 812 7,695 3,033 Sales and marketing 1,902 453 3,039 679 General and administrative 4,835 1,424 7,490 8,335 Total $ 12,201 $ 2,757 $ 18,825 $ 12,139 Stock-based compensation related to secondary sales of common stock by certain current and former employees for the three and six months ended June 30, 2020 was $529 and $8,140, respectively. There were no such expenses recorded for the three and six months ended June 30, 2021.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table presents the calculation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (2,187) $ (2,570) $ (5,526) $ (19,503) Denominator: Weighted average shares, in thousands, used to compute net loss per share, basic and diluted 106,765 41,420 78,257 40,683 Net loss per share attributable to common stockholders, basic and diluted $ (0.02) $ (0.06) $ (0.07) $ (0.48) Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: June 30, 2021 2020 Series Seed — 12,517,832 Series A-1 — 17,995,460 Series B — 10,237,032 Series C — 4,721,905 Warrants 244,304 308,632 Stock Options 14,495,379 16,335,808 RSUs 2,769,723 220,000 PRSUs 318,754 — Total 17,828,160 62,336,669

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The computation of the provision for or benefit from income taxes for interim periods is determined by applying the estimated annual effective tax rate to year-to-date income (loss) before tax and adjusting for discrete tax items recorded in the period, if any. For the three and six months ended June 30, 2021, the Company recorded a tax benefit of $(473) and a tax provision of $523, respectively. The effective tax rate for the three and six months ended June 30, 2021 was 17.8% and (10.5)%, respectively. The effective tax rate differs from the statutory rate primarily as a result of not recognizing deferred tax assets for U.S. losses due to a full valuation allowance against the U.S. deferred tax assets, and excess tax benefits from stock-based compensation. For the three and six months ended June 30, 2020, the Company recorded a tax provision of $251 and $999, respectively. The effective tax rate for the three and six months ended June 30, 2020 was (10.8)% and (5.4)%, respectively. The effective tax rate differs from the statutory rate primarily as a result of not recognizing deferred tax assets for U.S. losses due to a full valuation allowance against the U.S. deferred tax assets, and excess tax benefits from stock-based compensation. The provision for income taxes consists primarily of income taxes related to international jurisdictions in which the Company conducts business. Based on the available supporting evidence, including the amount and timing of future taxable income, the Company has concluded that it is more likely than not that a significant portion of the deferred tax assets will not be realized. As such, the Company maintains a full valuation allowance on its U.S. deferred tax assets. For the three and six months ended June 30, 2021, uncertain tax positions recorded by the Company resulted in an expense of $66 and $134, respectively. For the three and six months ended June 30, 2020, uncertain tax positions recorded by the Company resulted in an expense of $54 and $387, respectively. To the extent the remaining uncertain tax positions are ultimately recognized, the Company’s effective tax rate may be impacted in future periods. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsDuring the three and six months ended June 30, 2020, the Company recorded $529 and 8,140, respectively, of stock-based compensation associated with secondary sales transactions. There were no such expenses recorded for the three and six months ended June 30, 2021. The secondary sales transactions were executed primarily between holders of economic interest in the Company and the Company’s employees and former employees at prices in excess of the fair value of such shares. Accordingly, the Company recognized such excess value as stock-based compensation. The Company did not sell any shares or receive any proceeds from the transactions.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 27, 2021, the board of directors of the Company granted a RSU award to the Company’s Chief Executive Officer, Yancey Spruill (the “CEO Performance Award”). The CEO Performance Award consists of an RSU award under the Company’s 2021 Equity Incentive Plan for 3,000,000 shares of the Company’s common stock and will vest upon the satisfaction of certain service conditions and the achievement of certain Company stock price goals, as described below. The CEO Performance Award will be earned based on the Company’s stock price performance over a seven-year period beginning on the date of grant. The CEO Performance Award, which is estimated to have a grant date fair value of approximately $85 million, is divided into five tranches that will be earned based on the achievement of stock price goals, measured based on the average of the Company’s closing stock price over a consecutive ninety (90) trading day period during the performance period as set forth in the table below. Tranche Company Stock Price Target Number of Eligible RSUs 1 $93.50 475,000 2 $140.00 575,000 3 $187.00 650,000 4 $233.50 650,000 5 $280.50 650,000 If the average stock price over a consecutive ninety (90) trading day period fails to reach $93.50 during the performance period, no portion of the CEO Performance Award will be earned. To the extent earned based on the stock price targets set forth above, the CEO Performance Award will vest over a seven-year period beginning on the date of grant in annual amounts equal to 14%, 14%, 14%, 14%, 14%, 15% and 15%, respectively, on each anniversary of the date of grant.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Principles of ConsolidationThe accompanying unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), the same basis as the audited consolidated financial statements included in the Company’s final prospectus for its IPO dated as of March 23, 2021 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on March 24, 2021 (“Final Prospectus”).
Principles of Consolidation	The condensed consolidated financial statements include the accounts of DigitalOcean Holdings, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassifications	Certain prior year amounts have been reclassified and revised to conform to the current year presentation.
Use of Estimates	The preparation of these condensed consolidated financial statements in conformity with U.S. GAAP requires management to make, on an ongoing basis, estimates, judgments and assumptions that affect the amounts reported and disclosed in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Such estimates include, but are not limited to, those related to revenue recognition, accounts receivable and related reserves, useful lives and realizability of long lived assets, capitalized internal-use software development costs, accounting for stock-based compensation, and valuation allowances against deferred tax assets. Management bases its estimates on historical experience and on various other assumptions which management believes to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Cash and Cash Equivalents	Cash and cash equivalents consist of highly liquid investments in money market funds, commercial paper and certificates of deposit, with original maturities from the date of purchase of three months or less. The carrying amounts of cash and cash equivalents approximate fair value because of the short-term maturity and highly liquid nature of these instruments. In June 2021, the Company purchased $120,000 in commercial paper and $30,000 in certificates of deposit, maturing monthly for the next three months, with interest rates ranging from 0.02% to 0.10%.
Restricted Cash	Restricted cash includes deposits in financial institutions related to letters of credit used to secure lease agreements.
Accounts Receivable and Allowance for Doubtful Accounts	Accounts receivable primarily represents revenue recognized that was not invoiced at the balance sheet date and is primarily billed and collected in the following month. Trade accounts receivable are carried at the original invoiced amount less an estimated allowance for doubtful accounts based on the probability of future collection. Management determines the adequacy of the allowance based on historical loss patterns, the number of days that customer invoices are past due and an evaluation of the potential risk of loss associated with specific accounts. When management becomes aware of circumstances that may further decrease the likelihood of collection, it records a specific allowance against amounts due, which reduces the receivable to the amount that management reasonably believes will be collected. The Company records changes in the estimate to the allowance for doubtful accounts through bad debt expense and reverses the allowance after the potential for recovery is considered remote.
Deferred Revenue	Deferred revenue was $5,030 and $4,873 as of June 30, 2021 and December 31, 2020, respectively. Revenue recognized during the three months ended June 30, 2021 and 2020 was $1,821 and $1,471, respectively, and $3,546 and $2,915 during the six months ended June 30, 2021 and 2020, respectively, which was included in each deferred revenue balance at the beginning of each respective period.
Segment Information	The Company’s chief operating decision maker, the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. Accordingly, the Company has one operating and reporting segment.
Concentration of Credit Risk	The amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, restricted cash, and trade accounts receivable are exposed to concentrations of credit risk. Although the Company maintains cash and cash equivalents with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company’s customer base consists of a significant number of geographically dispersed customers.
Recent Accounting Pronouncements – Pending Adoption	The following effective dates represent the requirements for private companies which the Company has elected as an emerging growth company. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), and additional changes, modifications, clarifications, or interpretations related to this guidance thereafter (“ASU 2016-02”). ASU 2016-02 requires a reporting entity to recognize right-of-use assets and lease liabilities on the balance sheet for operating leases to increase transparency and comparability. ASU 2016-02 is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company will record a right of use asset and liability, and is currently evaluating the impact of adoption on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, with subsequent amendments, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires immediate recognition of management’s estimates of current expected credit losses. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2022, and interim periods within annual periods beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the impact of adoption on the condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Reconciliation of Cash and Cash Equivalents	The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: June 30, 2021 2020 Cash and cash equivalents $ 577,218 $ 126,223 Restricted cash 2,226 2,415 Total cash, cash equivalents and restricted cash $ 579,444 $ 128,638
Reconciliation of Restricted Cash	The following table reconciles cash, cash equivalents and restricted cash per the Condensed Consolidated Statements of Cash Flows: June 30, 2021 2020 Cash and cash equivalents $ 577,218 $ 126,223 Restricted cash 2,226 2,415 Total cash, cash equivalents and restricted cash $ 579,444 $ 128,638
Disclosure of Changes in Allowance for Doubtful Accounts	The following table presents the changes in our allowance for doubtful accounts for the period presented: Amount Balance as of December 31, 2020 $ 3,104 Bad debt expense, net of recoveries 3,467 Write-offs (3,485) Balance as of June 30, 2021 $ 3,086
Revenue by Geographic Areas	Revenue, as determined based on the billing address of the Company’s customers, was as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 North America 38 % 39 % 38 % 38 % Europe 29 28 29 28 Asia 23 24 23 25 Other 10 9 10 9 Total 100 % 100 % 100 % 100 %

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: June 30, 2021 December 31, 2020 Computers and equipment $ 480,368 $ 442,778 Furniture and fixtures 1,511 1,511 Leasehold improvements 6,820 6,820 Internal-use software 64,674 61,640 Property and equipment, gross $ 553,373 $ 512,749 Less: accumulated amortization $ (43,185) $ (36,186) Less: accumulated depreciation (267,138) (237,607) Property and equipment, net $ 243,050 $ 238,956
Schedule of Accrued and Other Expenses	Accrued other expenses consisted of the following: June 30, 2021 December 31, 2020 Accrued bonuses $ 8,942 $ 12,512 Accrued capital expenditures 4,032 8,478 Other accrued expenses 9,002 6,035 Total accrued other expenses $ 21,976 $ 27,025
Schedule of Other Current Liabilities	Other current liabilities consisted of the following: June 30, 2021 December 31, 2020 Accrued taxes $ 9,316 $ 7,758 Warrant liability — 14,463 ESPP withholding 2,126 — Other 752 765 Total other current liabilities $ 12,194 $ 22,986

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt	Debt consisted of the following: June 30, 2021 December 31, 2020 Credit Facility Term Loan (1) $ — $ 165,051 Revolving Credit Facility — 63,200 Notes payable — 31,432 Total debt $ — $ 259,683 Less: current portion Credit Facility $ — $ (7,438) Notes payable — (10,030) Current portion of long-term debt — (17,468) Total long-term debt $ — $ 242,215 ___________________ (1) Amount is net of unamortized discount and debt issuance costs of $1,761 as of December 31, 2020.

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Maturities of Operating Leases	As of June 30, 2021, future minimum rental payments under operating lease agreements were as follows: 2021 (six months remaining) $ 20,993 2022 28,928 2023 22,789 2024 21,339 2025 3,975 Thereafter — Total minimum operating lease payments $ 98,024

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of Stock by Class	The Company is authorized to reserve shares of common stock for potential conversion as follows: June 30, 2021 December 31, 2020 Series Seed preferred stock — 12,517,832 Series A-1 preferred stock (1) — 18,304,108 Series B preferred stock — 10,237,032 Series C preferred stock — 4,721,905 Common stock warrants 241,964 — 2021 Equity Incentive Plan 30,930,000 34,821,642 Employee Stock Purchase Plan 2,200,000 — Total number of shares for common stock reserved 33,371,964 80,602,519 ___________________ (1) Amount includes 308,632 shares of common stock held in reserve for the redeemable convertible preferred stock warrants which were converted to common stock warrants upon the completion of the IPO.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	Stock option activity for the six months ended June 30, 2021 was as follows: Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Life in Years Aggregate Intrinsic Value Outstanding at January 1, 2021 16,933,494 $ 6.73 8.44 $ 596,767 Exercised (1,836,221) 4.08 Forfeited or cancelled (601,894) 7.39 Outstanding at June 30, 2021 14,495,379 7.04 8.01 $ 703,769 Vested and exercisable at June 30, 2021 6,164,388 5.13 7.36 311,067 Vested and unvested expected to vest at June 30, 2021 11,813,527 $ 6.57 7.87 $ 579,118
Schedule of RSU Activity	RSU activity for the six months ended June 30, 2021 was as follows: Shares Weighted-Average Fair Value Unvested balance at January 1, 2021 413,750 $ 13.69 Granted 2,502,560 42.25 Vested (77,150) 11.69 Forfeited or cancelled (69,437) 41.94 Unvested balance at June 30, 2021 2,769,723 38.85 Vested and expected to vest at June 30, 2021 1,505,263 $ 38.89
Schedule of PRSU Activity	Shares Weighted-Average Fair Value Unvested balance at January 1, 2021 — $ — Granted 318,754 41.24 Unvested balance at June 30, 2021 318,754 41.24
Summary of Stock-Based Compensation Expenses	Stock-based compensation was included in the Condensed Consolidated Statements of Operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenue $ 405 $ 68 $ 601 $ 92 Research and development 5,059 812 7,695 3,033 Sales and marketing 1,902 453 3,039 679 General and administrative 4,835 1,424 7,490 8,335 Total $ 12,201 $ 2,757 $ 18,825 $ 12,139

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share, Basic and Diluted	The following table presents the calculation of basic and diluted net loss per share: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ (2,187) $ (2,570) $ (5,526) $ (19,503) Denominator: Weighted average shares, in thousands, used to compute net loss per share, basic and diluted 106,765 41,420 78,257 40,683 Net loss per share attributable to common stockholders, basic and diluted $ (0.02) $ (0.06) $ (0.07) $ (0.48)
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share	Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: June 30, 2021 2020 Series Seed — 12,517,832 Series A-1 — 17,995,460 Series B — 10,237,032 Series C — 4,721,905 Warrants 244,304 308,632 Stock Options 14,495,379 16,335,808 RSUs 2,769,723 220,000 PRSUs 318,754 — Total 17,828,160 62,336,669

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Schedule of Stock Price Goals	Tranche Company Stock Price Target Number of Eligible RSUs 1 $93.50 475,000 2 $140.00 575,000 3 $187.00 650,000 4 $233.50 650,000 5 $280.50 650,000

Nature of the Business and Or_2

Nature of the Business and Organization (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 26, 2021	Jun. 30, 2021
Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion of convertible preferred stock in common stock (in shares)	45,472,229	45,472,229
IPO
Subsidiary, Sale of Stock [Line Items]
Sale of stock, shares issued in transaction (in shares)	16,500,000
Sale of stock, price per share (in dollars per share)	$ 47
Consideration received on transaction	$ 723,125
Deferred offering costs reclassified into stockholders' equity	$ 1,403

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 577,218	$ 100,311	$ 126,223
Restricted cash	2,226		2,415
Total cash, cash equivalents and restricted cash	$ 579,444	$ 102,537	$ 128,638	$ 35,886

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disclosure of Changes in Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance as of December 31, 2020	$ 3,104
Bad debt expense, net of recoveries	3,467	$ 6,891
Write-offs	(3,485)
Balance as of June 30, 2021	$ 3,086

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Deferred revenue	$ 5,030	$ 5,030		$ 5,030		$ 4,873
Revenue recognized during period		1,821	$ 1,471	$ 3,546	$ 2,915
Number of operating segments | segment				1
Number of reportable segments | segment				1
Concentration Risk [Line Items]
Revenue recognized during period		$ 1,821	$ 1,471	$ 3,546	$ 2,915
Minimum
Concentration Risk [Line Items]
Interest rate	0.02%
Maximum
Concentration Risk [Line Items]
Interest rate	0.10%
Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage		100.00%	100.00%	100.00%	100.00%
U.S. | Geographic Concentration Risk | Revenue from Contract with Customer Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage		31.00%	31.00%	31.00%	31.00%
U.S. | Geographic Concentration Risk | Property and Equipment
Concentration Risk [Line Items]
Concentration risk, percentage				48.00%		48.00%
Commercial Paper
Concentration Risk [Line Items]
Payments to acquire cash equivalents	$ 120,000
Certificates of Deposit
Concentration Risk [Line Items]
Payments to acquire cash equivalents	$ 30,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Revenue by Geographic Areas (Details) - Geographic Concentration Risk - Revenue from Contract with Customer Benchmark	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	38.00%	39.00%	38.00%	38.00%
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	29.00%	28.00%	29.00%	28.00%
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	23.00%	24.00%	23.00%	25.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	10.00%	9.00%	10.00%	9.00%

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 553,373	$ 512,749
Less: accumulated amortization	(43,185)	(36,186)
Less: accumulated depreciation	(267,138)	(237,607)
Property and equipment, net	243,050	238,956
Computers and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	480,368	442,778
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,511	1,511
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,820	6,820
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 64,674	$ 61,640

Balance Sheet Details - Narrati

Balance Sheet Details - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 18,171	$ 14,872	$ 35,390	$ 29,348
Capitalized computer software, additions			3,034	7,649
Amortization expense related to internal-use software	3,343	3,381	7,000	6,223
Impairment loss	$ 0	$ 148	$ 0	$ 686

Balance Sheet Details - Summary

Balance Sheet Details - Summary of Accrued Other Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued bonuses	$ 8,942	$ 12,512
Accrued capital expenditures	4,032	8,478
Other Accrued Liabilities, Current	9,002	6,035
Total accrued other expenses	$ 21,976	$ 27,025

Balance Sheet Details - Summa_2

Balance Sheet Details - Summary of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued taxes	$ 9,316	$ 7,758
Warrant liability	0	14,463
ESPP withholding	2,126	0
Other	752	765
Total other current liabilities	$ 12,194	$ 22,986

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt	$ 0	$ 259,683
Less: current portion	0	(17,468)
Long-term debt	0	242,215
Term Loan
Debt Instrument [Line Items]
Total debt	0	165,051
Unamortized discount and debt issuance costs		1,761
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	0	63,200
Less: current portion	0	(7,438)
Notes payable
Debt Instrument [Line Items]
Total debt	0	31,432
Less: current portion	$ 0	$ (10,030)

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 0		$ 0	$ 3,435	$ 259
Interest expense	233		3,779	2,489	7,295
Credit Facility
Debt Instrument [Line Items]
Available borrowing capacity	150,000			150,000
Commitment fees on unused balance	103		88	170	155
Interest expense	90		3,051	2,063	5,411
Notes payable
Debt Instrument [Line Items]
Loss on extinguishment of debt	1,783			1,783
Interest expense	$ 38		$ 643	$ 254	$ 1,166
Term Loan
Debt Instrument [Line Items]
Loss on extinguishment of debt		$ 1,652

Operating Leases - Narrative (D

Operating Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Operating leases, rent expense	$ 988	$ 1,125	$ 2,022	$ 2,239

Operating Leases - Maturities o

Operating Leases - Maturities of Operating Leases (Details) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
2021 (six months remaining)	$ 20,993
2022	28,928
2022	22,789
2023	21,339
2024	3,975
Thereafter	0
Total minimum operating lease payments	$ 98,024

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding, amount	$ 2,226	$ 2,226

Stockholders_ Equity (Deficit_2

Stockholders’ Equity (Deficit) - Common Stock (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock, shares authorized (in shares)	750,000,000	111,400,000
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025

Stockholders_ Equity (Deficit_3

Stockholders’ Equity (Deficit) - Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	33,371,964	80,602,519
2021 Equity Incentive Plan
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	30,930,000	34,821,642
Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	2,200,000	0
Series Seed preferred stock
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	0	12,517,832
Series A-1 preferred stock
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	0	18,304,108
Series B preferred stock
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	0	10,237,032
Series C preferred stock
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	0	4,721,905
Common stock warrants
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)	241,964	0
Redeemable Preferred Stock Warrant
Class of Stock [Line Items]
Shares of common stock reserved for future issuance (in shares)		308,632

Stockholders_ Equity (Deficit_4

Stockholders’ Equity (Deficit) - Preferred Stock (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, shares authorized (in shares)	10,000,000	0
Preferred stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Stockholders_ Equity (Deficit_5

Stockholders’ Equity (Deficit) - Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 26, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Conversion of convertible preferred stock to common stock in connection with initial public offering (in shares)	45,472,229	(45,472,229)
Conversion of convertible preferred stock		$ (173,074)
Redeemable convertible preferred stock, issued (in shares)		0
Redeemable convertible preferred stock, outstanding (in shares)		0	0	45,472,229	45,472,229	40,750,324	40,750,324
Redeemable preferred stock, shares authorized (in shares)		0
Common Stock
Class of Stock [Line Items]
Conversion of convertible preferred stock	$ 173,074

Stockholders_ Equity (Deficit_6

Stockholders’ Equity (Deficit) - Common Stock Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 26, 2021	Dec. 31, 2020	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Number of shares called by warrants (in shares)								66,668	241,964
Exercise price of shares called by warrants (in dollars per share)								$ 1.50	$ 2.0663
Shares of common stock reserved for future issuance (in shares)				33,371,964			80,602,519
Warrants, term				10 years
Gain on remeasurement of warrants			$ 556	$ 556	$ (287)
Common Stock | Warrants Exercised
Class of Stock [Line Items]
Conversion of stock, shares issued (in shares)		64,328
Subsequent Event | Common Stock | Warrants Exercised
Class of Stock [Line Items]
Conversion of stock, shares issued (in shares)	232,520,000
IPO
Class of Stock [Line Items]
Sale of stock, price per share (in dollars per share)						$ 47

Stockholders_ Equity (Deficit_7

Stockholders’ Equity (Deficit) - Treasury Stock (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Equity [Abstract]
Treasury stock, shares (in shares)	1,968,228	1,968,228
Treasury Stock, Value	$ 4,598	$ 4,598

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plan (Details) - shares	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)	33,371,964	80,602,519
2021 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares of common stock provided for grant (in shares)	30,930,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, exercised in period, intrinsic value		$ 48,516	$ 8,382
Stock options, granted in period, weighted average grant date fair value (in dollars per share)			$ 3.25
Options, granted, number (in shares)		0
Stock options, granted in period, aggregate estimated fair value		$ 9,275	$ 3,151
Stock options, unrecognized stock-based compensation expense		$ 33,393
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, expiration period		10 years
Stock options, vesting period		4 years
Unrecognized stock-based compensation expense, average recognition period	2 years 10 months 20 days

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Number of Options Outstanding
Options, outstanding number at beginning of period (in shares) | shares	16,933,494
Options, exercised, number (in shares) | shares	(1,836,221)
Options, forfeited or cancelled, number (in shares) | shares	(601,894)
Options, outstanding number at end of period (in shares) | shares	14,495,379	16,933,494
Options, vested and exercisable, number (in shares) | shares	6,164,388
Options, vested and unvested expected to vest, number (in shares) | shares	11,813,527
Weighted-Average Exercise Price
Options, outstanding, weighted average exercise price at beginning of period (in dollars per share) | $ / shares	$ 6.73
Options, exercised, weighted average exercise price (in dollars per share) | $ / shares	4.08
Options, forfeited or cancelled, weighted average exercise price (in dollars per share) | $ / shares	7.39
Options, outstanding, weighted average exercise price at end of period (in dollars per share) | $ / shares	7.04	$ 6.73
Options, vested and exercisable, weighted average exercise price (in dollars per share) | $ / shares	5.13
Options, vested and unvested expected to vest, weighted average exercise price (in dollars per share) | $ / shares	$ 6.57
Options, outstanding, weighted average remaining life (in years)	8 years 3 days	8 years 5 months 8 days
Options, vested and exercisable, weighted average remaining life (in years)	7 years 4 months 9 days
Options, vested and unvested expected to vest, weighted average remaining life (in years)	7 years 10 months 13 days
Options, outstanding, intrinsic value | $	$ 703,769	$ 596,767
Options, vested and exercisable, intrinsic value | $	311,067
Stock options, granted in period, aggregate estimated fair value | $	$ 579,118

Stock-Based Compensation - RSU_

Stock-Based Compensation - RSU’s (Details) - RSUs $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU's, vesting period	4 years
Unrecognized stock-based compensation expense	$ 52,713
Unrecognized stock-based compensation expense, average recognition period	3 years 7 months 13 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of RSU & PRSU Activity (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
RSUs
Shares
RSU, unvested, number at beginning of period (in shares) | shares	413,750
RSU, granted, number (in shares) | shares	2,502,560
RSU, vested (in shares) | shares	(77,150)
RSU, forfeited or cancelled, number (in shares) | shares	(69,437)
RSU, unvested, number at end of period (in shares) | shares	2,769,723
Weighted-Average Fair Value
RSU, unvested, weighted average grant date fair value at beginning of period (in dollars per share) | $ / shares	$ 13.69
RSU, granted, weighted average grant date fair value (in dollars per share) | $ / shares	42.25
RSU, vested (in dollars per share) | $ / shares	11.69
RSU, forfeited or cancelled, weighted average grant date fair value (in dollars per share) | $ / shares	41.94
RSU, unvested, weighted average grant date fair value at end of period (in dollars per share) | $ / shares	$ 38.85
RSU, vested and expected to vest, number (in shares) | shares	1,505,263
RSU, vested and expected to vest, weighted average grant date fair value (in dollars per share) | $ / shares	$ 38.89
PRSUs
Shares
RSU, unvested, number at beginning of period (in shares) | shares	0
RSU, granted, number (in shares) | shares	318,754
RSU, unvested, number at end of period (in shares) | shares	318,754
Weighted-Average Fair Value
RSU, unvested, weighted average grant date fair value at beginning of period (in dollars per share) | $ / shares	$ 0
RSU, granted, weighted average grant date fair value (in dollars per share) | $ / shares	41.24
RSU, unvested, weighted average grant date fair value at end of period (in dollars per share) | $ / shares	$ 41.24

Stock-Based Compensation - PRSU

Stock-Based Compensation - PRSUs (Details) - PRSUs $ in Thousands	Jun. 10, 2021segment	Jun. 30, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of quarterly installments	8
Unrecognized stock-based compensation expense | $		$ 12,501
Unrecognized stock-based compensation expense, average recognition period		1 year 6 months
2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.33%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%
Number of trading days	2

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Mar. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 12,201	$ 2,757	$ 18,825	$ 12,139
IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, price per share (in dollars per share)						$ 47
Issuance of common stock under equity incentive plan, net of taxes withheld			$ 2,126
2021 Employee Stock Purchase Plan | Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock authorized for future issuance (in shares)					2,200,000
Shares of common stock reserved for future issuance, number available for grant (in shares)	2,200,000		2,200,000
Purchase price of common stock, percent			85.00%
Stock-based compensation expense	$ 1,922

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,201	$ 2,757	$ 18,825	$ 12,139
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	405	68	601	92
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	5,059	812	7,695	3,033
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,902	453	3,039	679
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,835	$ 1,424	$ 7,490	$ 8,335

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 12,201	$ 2,757	$ 18,825	$ 12,139
Current and former employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 0	$ 529	$ 0	$ 8,140

Net Loss per Share Attributab_3

Net Loss per Share Attributable to Common Stockholder - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net loss attributable to common stockholders, basic	$ (2,187)	$ (2,570)	$ (5,526)	$ (19,503)
Net loss attributable to common stockholders, diluted	$ (2,187)	$ (2,570)	$ (5,526)	$ (19,503)
Denominator
Weighted average shares used to compute net loss per share, basic (in shares)	106,765,000	41,420,000	78,257,000	40,683,000
Weighted average shares used to compute net loss per share, diluted (in shares)	106,765,000	41,420,000	78,257,000	40,683,000
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.02)	$ (0.06)	$ (0.07)	$ (0.48)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.02)	$ (0.06)	$ (0.07)	$ (0.48)

Net Loss per Share Attributab_4

Net Loss per Share Attributable to Common Stockholder - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	17,828,160	62,336,669
Series Seed preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0	12,517,832
Series A-1 preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0	17,995,460
Series B preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0	10,237,032
Series C preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	0	4,721,905
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	244,304	308,632
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	14,495,379	16,335,808
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	2,769,723	220,000
PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of loss per share, amount (in shares)	318,754	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (473)	$ 251	$ 523	$ 999
Effective income tax rate	17.80%	(10.80%)	(10.50%)	(5.40%)
Uncertain tax positions expense	$ 66	$ 54	$ 134	$ 387

Related Party Disclosures (Deta

Related Party Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Stock-based compensation expense	$ 12,201	$ 2,757	$ 18,825	$ 12,139
Current and former employees
Related Party Transaction [Line Items]
Stock-based compensation expense	$ 0	$ 529	$ 0	$ 8,140

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - RSUs $ in Millions	Jul. 27, 2021USD ($)trancheshares	Jun. 30, 2021
Subsequent Event [Line Items]
Stock options, vesting period		4 years
Subsequent Event
Subsequent Event [Line Items]
Shares of common stock reserved for future issuance, number available for grant (in shares)	3,000,000
Stock options, vesting period	7 years
Grant date fair value | $	$ 85
Number of tranches | tranche	5
Trading period	90 days
Subsequent Event | 1
Subsequent Event [Line Items]
Shares of common stock reserved for future issuance, number available for grant (in shares)	475,000
Vesting percentage	14.00%
Subsequent Event | 2
Subsequent Event [Line Items]
Shares of common stock reserved for future issuance, number available for grant (in shares)	575,000
Vesting percentage	14.00%
Subsequent Event | 3
Subsequent Event [Line Items]
Shares of common stock reserved for future issuance, number available for grant (in shares)	650,000
Vesting percentage	14.00%
Subsequent Event | 4
Subsequent Event [Line Items]
Shares of common stock reserved for future issuance, number available for grant (in shares)	650,000
Vesting percentage	14.00%
Subsequent Event | 5
Subsequent Event [Line Items]
Shares of common stock reserved for future issuance, number available for grant (in shares)	650,000
Vesting percentage	14.00%
Subsequent Event | 6
Subsequent Event [Line Items]
Vesting percentage	15.00%
Subsequent Event | 7
Subsequent Event [Line Items]
Vesting percentage	15.00%

Subsequent Events - Schedule of

Subsequent Events - Schedule of Stock Price Goals (Details) - Subsequent Event - RSUs	Jul. 27, 2021$ / sharesshares
Subsequent Event [Line Items]
Number of Eligible RSUs (in shares)	3,000,000
1
Subsequent Event [Line Items]
Company Stock Price Target (in dollars per share) | $ / shares	$ 93.50
Number of Eligible RSUs (in shares)	475,000
2
Subsequent Event [Line Items]
Company Stock Price Target (in dollars per share) | $ / shares	$ 140
Number of Eligible RSUs (in shares)	575,000
3
Subsequent Event [Line Items]
Company Stock Price Target (in dollars per share) | $ / shares	$ 187
Number of Eligible RSUs (in shares)	650,000
4
Subsequent Event [Line Items]
Company Stock Price Target (in dollars per share) | $ / shares	$ 233.50
Number of Eligible RSUs (in shares)	650,000
5
Subsequent Event [Line Items]
Company Stock Price Target (in dollars per share) | $ / shares	$ 280.50
Number of Eligible RSUs (in shares)	650,000