Quarterly report [Sections 13 or 15(d)]

Stockholders??? Equity

v3.25.1
Stockholders’ Equity
3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders’ Equity Stockholders' Equity
Preferred Stock
The Company is authorized to issue 1,000 million shares of preferred stock with a par value of $0.00001 per share. There were no shares of preferred stock issued and outstanding at March 31, 2025 and December 31, 2024.
Common Stock
The Company is authorized to issue 51,000 million shares of common stock with a par value of $0.00001 per share; of which 50,000 million shares are designated Class A common stock and 1,000 million shares are designated Class B common stock. Class A common stockholders are entitled to one vote for each share and Class B common stockholders are entitled to ten votes for each share. Class A and Class B have identical liquidation and dividend rights. Class B shares are convertible into Class A upon election by the holder or upon transfer (except for certain permitted transfers).
The Company had 1,412 million and 1,383 million shares of Class A common stock issued and outstanding at March 31, 2025 and December 31, 2024, respectively. The Company had 350 million shares of Class B common stock issued and outstanding at March 31, 2025 and December 31, 2024.
At-The-Market Offering
On February 14, 2025, the Company entered into a sales agreement with Cantor Fitzgerald & Co., TD Securities (USA) LLC, and Allen & Company LLC (the “Sales Agents”) pursuant to which the Company may offer and sell, from time to time and at its sole discretion, up to an aggregate amount of $500.0 million of the Company’s Class A common stock through the Sales Agents in an “at-the-market” offering (the “ATM Program”).
During the three months ended March 31, 2025, the Company offered and sold 10 million shares of Class A common stock under the ATM Program for net proceeds of $68 million, after deducting sales agent commissions and other transaction costs of $2 million.