DIGITALOCEAN HOLDINGS, INC., 10-Q filed on 8/4/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Jun. 30, 2026
Jul. 30, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
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 105 Edgeview Drive, Suite 425  
Entity Address, City or Town Broomfield  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80021  
City Area Code 646  
Local Phone Number 827-4366  
Title of 12(b) Security Common stock, par value $0.000025 per share  
Trading Symbol DOCN  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   117,579,550
Entity Central Index Key 0001582961  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 767,026 $ 254,475
Accounts receivable, less allowance for credit losses of $6,812 and $6,374, respectively 115,000 90,908
Prepaid expenses and other current assets 135,584 81,598
Total current assets 1,017,610 426,981
Noncurrent assets:    
Property and equipment, net 1,049,332 589,094
Restricted cash 156 158
Goodwill 350,651 348,674
Intangible assets, net 93,373 99,504
Operating lease right-of-use assets, net 505,697 270,854
Deferred tax assets 93,991 90,310
Other assets 12,243 12,130
Total assets 3,123,053 1,837,705
Current liabilities:    
Accounts payable 10,387 38,836
Accrued other expenses 70,883 42,679
Deferred revenue 53,039 5,882
Debt, current 311,654 325,109
Operating lease liabilities, current 126,233 108,037
Finance lease liabilities and equipment financing obligations, current 129,777 31,411
Other current liabilities 74,139 67,510
Total current liabilities 776,112 619,464
Noncurrent liabilities:    
Deferred tax liabilities 3,952 4,092
Debt, long-term 609,399 970,653
Operating lease liabilities, long-term 352,854 166,895
Finance lease liabilities and equipment financing obligations, long-term 447,943 99,103
Other non-current liabilities 2,062 6,188
Total liabilities 2,192,322 1,866,395
Commitments and Contingencies (Note 9)
Preferred stock ($0.000025 par value per share; 10,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025) 0 0
Common stock ($0.000025 par value per share; 750,000,000 shares authorized; 105,002,427 and 91,947,614 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively) 2 2
Additional paid-in capital 925,014 16,005
Accumulated other comprehensive loss (1,756) (960)
Accumulated deficit 7,471 (43,737)
Total stockholders’ deficit 930,731 (28,690)
Total liabilities and stockholders’ deficit $ 3,123,053 $ 1,837,705
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Accounts receivable, allowance for credit losses $ 6,812 $ 6,374
Preferred stock, par value (in dollars per share) $ 0.000025 $ 0.000025
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.000025 $ 0.000025
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares issued (in shares) 105,002,427 91,947,614
Common stock, shares outstanding (in shares) 105,002,427 91,947,614
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 281,184 $ 218,700 $ 539,089 $ 429,403
Cost of revenue 126,522 87,755 239,717 169,014
Gross profit 154,662 130,945 299,372 260,389
Operating expenses:        
Research and development 57,515 39,644 106,345 79,238
Sales and marketing 22,568 19,288 44,237 38,689
General and administrative 45,208 36,394 82,848 69,201
Total operating expenses 125,291 95,326 233,430 187,128
Operating income 29,371 35,619 65,942 73,261
Other (expense) income:        
Interest expense (7,463) (2,239) (18,016) (4,447)
Loss on extinguishment of debt, net 0 (269) (2,700) (269)
Interest income and other income, net 5,234 9,337 6,412 15,283
Other (expense) income, net (2,229) 6,829 (14,304) 10,567
Income before income taxes 27,142 42,448 51,638 83,828
Income tax benefit (expense) 8,295 (5,421) (430) (8,597)
Net income attributable to common stockholders $ 35,437 $ 37,027 $ 51,208 $ 75,231
Net income per share attributable to common stockholders        
Basic (in dollars per share) $ 0.34 $ 0.41 $ 0.52 $ 0.82
Diluted (in dollars per share) $ 0.29 $ 0.39 $ 0.45 $ 0.77
Weighted-average shares used to compute net income per share attributable to common stockholders        
Basic (in shares) 104,611,000 91,097,000 98,856,000 91,538,000
Diluted (in shares) 126,548,000 100,617,000 118,708,000 101,521,000
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Other Comprehensive Income [Abstract]        
Net income attributable to common stockholders $ 35,437 $ 37,027 $ 51,208 $ 75,231
Other comprehensive (loss) income:        
Foreign currency translation adjustments, net of taxes (179) 606 (796) 906
Other comprehensive (loss) income (179) 606 (796) 906
Comprehensive income $ 35,258 $ 37,633 $ 50,412 $ 76,137
v3.26.1
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Retained Earnings (Accumulated Deficit)
Beginning Balance (in shares) at Dec. 31, 2024   92,234,517      
Beginning Balance at Dec. 31, 2024 $ (202,955) $ 2 $ 57,282 $ (1,497) $ (258,742)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under equity incentive plan, net of taxes withheld (in shares)   1,031,897      
Issuance of common stock under equity incentive plan, net of taxes withheld (12,841)   (12,841)    
Issuance of common stock under employee stock purchase plan, net of taxes withheld (in shares)   103,805      
Issuance of common stock under employee stock purchase plan, net of taxes withheld 2,660   2,660    
Repurchase and retirement of common stock including related costs (in shares)   (2,255,544)      
Repurchase and retirement of common stock including related costs (79,606)   (79,606)    
Stock-based compensation 41,388   41,388    
Other comprehensive income (loss) 906     906  
Net income attributable to common stockholders 75,231       75,231
Ending Balance (in shares) at Jun. 30, 2025   91,114,675      
Ending Balance at Jun. 30, 2025 (175,217) $ 2 8,883 (591) (183,511)
Beginning Balance (in shares) at Mar. 31, 2025   91,220,227      
Beginning Balance at Mar. 31, 2025 (210,747) $ 2 10,986 (1,197) (220,538)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under equity incentive plan, net of taxes withheld (in shares)   481,933      
Issuance of common stock under equity incentive plan, net of taxes withheld (5,971)   (5,971)    
Issuance of common stock under employee stock purchase plan, net of taxes withheld (in shares)   103,805      
Issuance of common stock under employee stock purchase plan, net of taxes withheld 2,660   2,660    
Repurchase and retirement of common stock including related costs (in shares)   (691,290)      
Repurchase and retirement of common stock including related costs (20,179)   (20,179)    
Stock-based compensation 21,387   21,387    
Other comprehensive income (loss) 606     606  
Net income attributable to common stockholders 37,027       37,027
Ending Balance (in shares) at Jun. 30, 2025   91,114,675      
Ending Balance at Jun. 30, 2025 $ (175,217) $ 2 8,883 (591) (183,511)
Beginning Balance (in shares) at Dec. 31, 2025 91,947,614 91,947,614      
Beginning Balance at Dec. 31, 2025 $ (28,690) $ 2 16,005 (960) (43,737)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under equity incentive plan, net of taxes withheld (in shares)   1,019,892      
Issuance of common stock under equity incentive plan, net of taxes withheld (37,335)   (37,335)    
Issuance of common stock under employee stock purchase plan, net of taxes withheld (in shares)   86,869      
Issuance of common stock under employee stock purchase plan, net of taxes withheld 2,494   2,494    
Issuance of common stock in connection with follow-on public offering, net of underwriter discounts and issuance costs (in shares)   11,948,052      
Issuance of common stock in connection with follow-on public offering, net of underwriter discounts and issuance costs 887,888   887,888    
Stock-based compensation 55,962   55,962    
Other comprehensive income (loss) (796)     (796)  
Net income attributable to common stockholders $ 51,208       51,208
Ending Balance (in shares) at Jun. 30, 2026 105,002,427 105,002,427      
Ending Balance at Jun. 30, 2026 $ 930,731 $ 2 925,014 (1,756) 7,471
Beginning Balance (in shares) at Mar. 31, 2026   104,322,694      
Beginning Balance at Mar. 31, 2026 887,376 $ 2 916,917 (1,577) (27,966)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of common stock under equity incentive plan, net of taxes withheld (in shares)   592,864      
Issuance of common stock under equity incentive plan, net of taxes withheld (27,048)   (27,048)    
Issuance of common stock under employee stock purchase plan, net of taxes withheld (in shares)   86,869      
Issuance of common stock under employee stock purchase plan, net of taxes withheld 2,494   2,494    
Stock-based compensation 32,651   32,651    
Other comprehensive income (loss) (179)     (179)  
Net income attributable to common stockholders $ 35,437       35,437
Ending Balance (in shares) at Jun. 30, 2026 105,002,427 105,002,427      
Ending Balance at Jun. 30, 2026 $ 930,731 $ 2 $ 925,014 $ (1,756) $ 7,471
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income attributable to common stockholders $ 51,208 $ 75,231
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 96,629 61,975
Stock-based compensation 55,231 40,513
Provision for expected credit losses 8,078 8,607
Loss on extinguishment of debt, net 2,700 269
Operating lease right-of-use assets and liabilities, net (30,810) (13,816)
Non-cash interest expense 2,960 4,005
Other 3,476 (7,853)
Changes in operating assets and liabilities:    
Accounts receivable (32,230) (17,064)
Prepaid expenses and other current assets (53,906) 1,201
Accounts payable and accrued expenses 6,536 (3,029)
Deferred revenue 47,157 5,867
Other assets and liabilities (140) 631
Net cash provided by operating activities 156,889 156,537
Investing activities    
Capital expenditures - property and equipment (81,576) (95,160)
Capital expenditures - internal-use software (11,785) (3,412)
Acquisition of equipment under financing arrangements (51,544) 0
Purchase of intangible assets (754) (1,835)
Cash paid for acquisition of businesses, net of cash acquired (4,042) 0
Net cash used in investing activities (149,701) (100,407)
Financing activities    
Proceeds from follow-on public offering, net of underwriting discounts and issuance costs 887,888 0
Principal repayment of Term Loan Facility (500,000) 0
Proceeds from drawdown of Term Loan Facility 120,000 0
Payment of debt issuance costs 0 (4,081)
Proceeds related to issuance of common stock under equity incentive plan 3,558 2,771
Proceeds from issuance of common stock under employee stock purchase plan 2,494 2,660
Employee payroll taxes paid related to net settlement of equity awards (38,406) (16,294)
Proceeds from financing arrangements 51,544 0
Principal repayments of finance leases and financing arrangements (21,651) (2,733)
Repurchase and retirement of common stock including related costs 0 (79,199)
Net cash provided by (used in) financing activities 505,427 (96,876)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (66) 45
Increase (decrease) in cash, cash equivalents and restricted cash 512,549 (40,701)
Cash, cash equivalents and restricted cash - beginning of period 254,633 430,193
Cash, cash equivalents and restricted cash - end of period 767,182 389,492
Supplemental disclosures of cash flow information:    
Cash paid for interest 14,349 249
Cash paid for taxes, net of refunds 2,524 5,757
Operating cash flows paid for operating leases 77,925 72,310
Non-cash investing and financing activities:    
Capitalized stock-based compensation 2,021 875
Property and equipment received but not yet paid, included in accounts payable and accrued other expenses 20,434 32,038
Operating right-of-use assets obtained in exchange for operating lease liabilities 273,823 123,637
Finance right-of-use assets obtained in exchange for finance lease liabilities $ 414,902 $ 636
v3.26.1
Nature of Business
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business Nature of Business
DigitalOcean Holdings, Inc. and its subsidiaries (collectively, “the Company”, “we”, “our”, “us”) is an AI-Native Cloud, purpose-built for inference and agentic workloads that brings infrastructure, core cloud services, inference, data, and agents together in one integrated stack that is open throughout, giving builders the best of the AI ecosystem in one place. The Company’s platform is designed to be simple, scalable and approachable by providing a variety of product offerings that were built with the needs of growing technology companies in mind. The Company offers a comprehensive set of cloud platform capabilities which span across Infrastructure-as-a-Service (“IaaS”), including Droplet virtual machines, storage and networking offerings; Platform-as-a-Service (“PaaS”) and Software-as-a-Service (“SaaS”), including Managed Hosting, Managed Database, Managed Kubernetes and Marketplace offerings. The Company also offers a comprehensive artificial intelligence and machine learning (“AI/ML”) platform - DigitalOcean Gradient® AI Agentic Cloud, which includes Gradient AI Infrastructure with offerings such as GPU Droplets and Bare Metal GPUs; the Gradient AI Platform which offers various building block services including Large Language Models (“LLMs”); and Gradient AI Agents. The Company continues to invest in its platform to further penetrate the growing markets in which it operates.
The Company has adopted a holding company structure and the primary operations are performed globally through its wholly owned operating subsidiaries.
v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
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 accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include accounts of the Company and all wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the unaudited 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, 2026, results of operations for the three and six months ended June 30, 2026 and 2025, cash flows for the six months ended June 30, 2026 and 2025, and stockholders' equity (deficit) for the three and six months ended June 30, 2026 and 2025.
Reclassifications
Certain prior period amounts have been reclassified to conform with current period 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 including estimation of forfeiture rates and the probability of performance vesting conditions, the incremental borrowing rate used to determine lease liabilities, valuation allowances against deferred tax assets, fair value of financial instruments, and the fair value and useful lives of tangible and intangible assets acquired and liabilities assumed resulting from business combinations. 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. Estimates are periodically reviewed to consider changes in circumstances, facts and experience.
Restricted Cash
The following table reconciles cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows:
June 30,
20262025
Cash and cash equivalents$767,026 $387,745 
Restricted cash(1)
156 1,747 
Total cash, cash equivalents and restricted cash$767,182 $389,492 
___________________
(1) Restricted cash as of June 30, 2026 primarily consisted of deposits held with certain government agencies to satisfy local jurisdictional requirements. Restricted cash as of June 30, 2025 consisted of deposits in financial institutions related to a letter of credit used to secure a lease agreement; the funds were released to the Company in September 2025.
Accounts Receivable Net of Allowance for Expected Credit Losses
Accounts receivable primarily represent 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 expected credit losses 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 expected credit losses through provision for expected credit losses and reverses the accounts receivable and related allowance after the potential for recovery is considered remote.
The following table presents the changes in the allowance for expected credit losses for the period presented:
Amount
Balance as of December 31, 2025$6,374 
Provision for expected credit losses8,078 
Write-offs and other(7,640)
Balance as of June 30, 2026$6,812 
Recent Accounting Pronouncements – Adopted
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (“Topic 326”): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which amends Topic 326 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Specifically, in developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted the practical expedient of ASU 2025-05 on January 1, 2026 on a prospective basis. There was no impact on the Company’s condensed consolidated financial statements.
Recent Accounting Pronouncements – Pending Adoption
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“Subtopic 220-40”): Clarifying the Effective Date. ASU 2024-03 requires that an entity breaks down expenses into specific categories, such as employee compensation and costs related to depreciation and amortization, as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Further, ASU 2024-03 requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. As clarified in ASU 2025-01, the amendments in ASU 2024-03 are required to be adopted for annual reporting periods beginning after December 15, 2026 and interim
reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied on a prospective basis for financial statements issued after the adoption date, although retrospective application is permitted. The Company is currently evaluating the impact of adoption on its financial disclosures.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (“Subtopic 350-40”): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendment can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of the new standard on its condensed consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (“Topic 270”): Narrow-scope Improvements (“ASU 2025-11”). ASU 2025-11 enhances GAAP interim reporting by specifying required disclosures, establishing a disclosure principle for material post-year-end events, and clarifying the scope, types, and presentation of interim financial statements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted. The amendment can be applied prospectively or retrospectively for all prior periods presented in the financial statements. The Company is currently evaluating the impact of the new standard; however, it does not expect that the standard will have a material impact on its condensed consolidated financial statements and related disclosures.
v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Disaggregation
Based on the information provided to and reviewed by the Company’s Chief Executive Officer (“CEO”), its chief operating decision maker, the Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted based on the category of its customers. Customers are classified in categories based on the amount of their spend in a given month and individual customers may fall within different categories within a reporting period.
The Company classifies its customers into the following annual run-rate revenue (“ARR”) categories (customer spend in a month in whole dollars):
•Digital Native Enterprise (“DNE”) Customers: users that spend more than $500 in a month. DNE Customers include the following categories:
◦Above $6K and under $100K Customers: users that spend more than $500 and less than or equal to $8,333 in a month.
◦Above $100K and under $500K Customers: users that spend more than $8,333 and less than or equal to $41,667 in a month.
◦Above $500K and under $1M Customers: users that spend more than $41,667 and less than or equal to $83,333 in a month.
◦Above $1M Customers: users that spend more than $83,333 in a month.
•Developers: users that spend less than or equal to $500 in a month, except users that spend less than or equal to $50 in a month and have been on the Company’s platform for three months or less.
Revenue by customer ARR category, as determined based on the customers’ spend in a given month, was as follows:
Three Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount Percentage of Revenue
Above $6K and under $100K Customers(1)
$88,387 31 %$78,922 36 %
Above $100K and under $500K Customers(1)
26,079 9 %22,048 10 %
Above $500K and under $1M Customers(1)
8,055 3 %7,322 3 %
Above $1M Customers(1)
64,720 23 %20,640 9 %
Digital Native Enterprise Customers(1)(2)
$187,241 67 %$128,932 59 %
Developers and other(1) (3)
93,943 33 %89,768 41 %
Total$281,184 100 %$218,700 100 %
Six Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount Percentage of Revenue
Above $6K and under $100K Customers(1)
$174,289 32 %$155,126 36 %
Above $100K and under $500K Customers(1)
50,641 9 %44,118 10 %
Above $500K and under $1M Customers(1)
16,466 3 %14,254 3 %
Above $1M Customers(1)
110,397 20 %36,998 9 %
Digital Native Enterprise Customers(1)(2)
$351,793 65 %$250,496 58 %
Developers and other(1) (3)
187,296 35 %178,907 42 %
Total$539,089 100 %$429,403 100 %
___________________________
(1) Beginning in the fourth quarter of 2025, the Company revised its customer category naming and classification. Prior periods have been recast to reflect the effects of these changes.
(2) May not foot due to rounding.
(3) Beginning in the fourth quarter of 2025, Developers and other include revenue from users that spend less than or equal to $500 in a given month, revenue from certain legacy Bare Metal CPU offerings, miscellaneous revenue and other reserve adjustments. Prior periods have been recast to reflect the effect of this change.
Geographical Information
Revenue, as determined based on the Company’s customers’ billing address, was as follows:
Three Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount
Percentage of Revenue(1)
North America$130,971 47 %$79,560 37%
Europe62,029 22 %59,660 27%
Asia61,937 22 %50,752 23%
Rest of the world
26,247 9 %28,728 13%
Total$281,184 100 %$218,700 100%
Six Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount
Percentage of Revenue(1)
North America$243,740 46 %$157,497 37 %
Europe124,626 23 %118,135 28 %
Asia119,519 22 %101,768 24 %
Rest of the world
51,204 9 %52,003 11 %
Total$539,089 100 %$429,403 100 %
___________________________
(1) May not recalculate due to rounding.
Revenue derived from customers in the United States was 41% and 40% of total revenue for the three and six months ended June 30, 2026, respectively, and 31% of total revenue for the three and six months ended June 30, 2025.
Deferred Revenue
Deferred revenue was $53,039 and $5,882 as of June 30, 2026 and December 31, 2025, respectively. Revenue recognized during the three months ended June 30, 2026 and 2025 was $720 and $650, respectively, and $2,720 and $2,885 during the six months ended June 30, 2026 and 2025, respectively, which was included in the deferred revenue balances at the beginning of each respective period. Deferred revenue includes $46,043 of pre-payment obligation held in a third-party escrow account that is included in prepaid expenses and other current assets in the condensed consolidated balance sheets because the Company is contractually eligible to receive the funds as of June 30, 2026. Subsequent to June 30, 2026, the $46,043 pre-payment obligation was released from escrow to the Company.
Remaining Performance Obligations
The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized in the condensed consolidated financial statements. As of June 30, 2026, the aggregate transaction price allocated to the remaining performance obligations, which includes contracts with expected term of one year or less, is $893,828 with a weighted-average life of 3.7 years. As of June 30, 2026, the Company expects to recognize $365,901 of its remaining performance obligations as revenue over the next 12 months, with the remainder recognized thereafter over the remaining life of the contracts.
Concentration of Credit Risk
The amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, marketable securities, 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.
v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of the Company’s financial assets measured on a recurring basis was as follows:
June 30, 2026
Level ITotal
Cash and cash equivalents:
Cash$48,854 $48,854 
Money market funds718,172 718,172 
Total cash and cash equivalents$767,026 $767,026 
December 31, 2025
Level ITotal
Cash and cash equivalents:
Cash$57,363 $57,363 
Money market funds197,112 197,112 
Total cash and cash equivalents$254,475 $254,475 
The Company classifies its highly liquid money market funds within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company had no Level 2 or Level 3 financial assets as of June 30, 2026 and December 31, 2025.
Interest income from investments was $6,390, and $3,202 for the three months ended June 30, 2026 and 2025, respectively, and $9,267 and $6,859 for the six months ended June 30, 2026 and 2025, respectively.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
The Company reports financial instruments at fair value, with the exception of its convertible notes. Financial instruments that are not recorded at fair value on a recurring basis are measured at fair value on a quarterly basis for disclosure purposes. Refer to Note 6. Debt for the carrying values and estimated fair values of financial instruments not recorded at fair value.
v3.26.1
Balance Sheet Details
 6 Months Ended
Jun. 30, 2026
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, 2026December 31, 2025
Servers and related equipment
$1,001,912 $933,576 
Equipment under finance leases424,446 13,316 
Equipment under financing obligations184,951 131,503 
Internal-use software131,234 121,735 
Leasehold improvements496 412 
Furniture and fixtures361 262 
Property and equipment, gross$1,743,400 $1,200,804 
Less: accumulated depreciation$(599,782)$(524,829)
Less: accumulated amortization
(94,286)(86,881)
Property and equipment, net $1,049,332 $589,094 
Depreciation expense on property and equipment was $42,217, and $25,589 for the three months ended June 30, 2026 and 2025, respectively, and $79,221, and $47,348 for the six months ended June 30, 2026 and 2025, respectively.
Capitalized costs related to the development of computer software for internal use were $6,200 and $1,688 for the three months ended June 30, 2026 and 2025, respectively, and $9,681 and $4,287 for the six months ended June 30, 2026 and 2025, respectively, which are included in internal-use software costs within property and equipment, net. Amortization
expense related to internal-use and purchased software was $3,867, and $2,145 for the three months ended June 30, 2026 and 2025, respectively, and $7,400, and $4,399 for the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt, Long-term
The net carrying amount of the Company’s debt consisted of the following:
Outstanding as of
June 30, 2026December 31, 2025
2030 Convertible Notes $625,000 $625,000 
2026 Convertible Notes312,322 312,322 
Term Loan Facility— 380,000 
Total obligations937,322 1,317,322 
Unamortized debt issuance costs(16,269)(21,560)
Carrying value of debt 921,053 1,295,762 
Less: Debt, current (311,654)(325,109)
Debt, long-term$609,399 $970,653 
As of June 30, 2026, the total fair value of the 2030 Convertible Notes was $2,546,106, and the fair value of the 2026 Convertible Notes was $353,745. The fair value was determined based on the closing trading price as of the last day of trading for the period. The Company classifies the fair value to be a Level 2 valuation within the fair value measurement hierarchy due to the limited trading activity.
2030 Convertible Notes
On August 14, 2025, the Company issued $625,000 aggregate principal amount of 0.00% Convertible Senior Notes due 2030 (“2030 Convertible Notes”) in a private offering, including the exercise in full of the option granted to the initial purchasers to purchase an additional $75,000 principal amount of the 2030 Convertible Notes. The 2030 Convertible Notes are senior unsecured obligations of the Company and do not bear regular interest, and the principal amount of the 2030 Convertible Notes does not accrete. The 2030 Convertible Notes will mature on August 15, 2030, unless earlier converted, redeemed or repurchased.
The following table presents details of the 2030 Convertible Notes:
Initial Conversion Rate per $1,000 PrincipalInitial Conversion Price
(In whole $)		Initial Number of Shares
 (In thousands)
2030 Convertible Notes25.5317$39.17 15,957
Holders may convert the 2030 Convertible Notes at their option only in the following circumstances:
(1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2025, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
(2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) if the trading price per $1,000 principal amount of 2030 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day;
(3) if the Company calls the 2030 Convertible Notes for redemption; and
(4) upon the occurrence of certain corporate events or distributions of the Company’s common stock, as described in the indenture governing the 2030 Convertible Notes.
During the three months ended March 31, 2026, the circumstances allowing holders to convert the 2030 Convertible Notes were met since the Company’s last reported sale price per share of the Company’s common stock exceeded 130% of the conversion price of $39.17 for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter. These conditions continued to be satisfied through the three months ended June 30, 2026. Therefore, the 2030 Convertible Notes have been convertible, in whole or in part, at the option of the holders since April 1, 2026 and are convertible until September 30, 2026. Whether the 2030 Convertible Notes will be convertible following such period will depend on the continued satisfaction of this condition or another conversion condition in the future.
The Company has the election of settling any conversion of the 2030 Convertible Notes in cash, shares of our common stock, or a combination of both. The Company continues to classify the 2030 Convertible Notes as a long-term liability in its condensed consolidated balance sheets as of June 30, 2026 because the Company has the option to settle the 2030 Convertible Notes in shares and the maturity date exceeds one year from the balance sheet date.
On July 23, 2026, the Company repurchased $471,828 in aggregate principal amount of its 2030 Convertible Notes using the net proceeds from a concurrent registered direct offering of 12,543,915 shares of its common stock at $117.54 per share. Cash on hand was used to pay estimated transaction related fees. Upon completion, the repurchased notes were retired.
2030 Capped Calls
In connection with the pricing and exercise in full by the initial purchasers of their option to purchase additional 2030 Convertible Notes, the Company entered into capped call transactions with one or more financial institutions, including an affiliate of an initial purchaser (“2030 Capped Calls”). The 2030 Capped Calls have an initial strike price of $39.17 per share, which corresponds to the initial conversion price of the 2030 Convertible Notes. The 2030 Capped Calls have an initial cap price of $66.51 per share. At that time, the 2030 Capped Calls were generally expected to reduce the potential dilution to the Company’s common stock upon any conversion of the 2030 Convertible Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted 2030 Convertible Notes, with such reduction and/or offset subject to the cap price. The strike price, cap price and other terms of the 2030 Capped Calls are subject to certain adjustments under the terms of the capped call transactions. As of June 30, 2026, all of the 2030 Capped Calls remain outstanding and expire on August 15, 2030, unless exercised or called prior to that date.
Notwithstanding the partial repurchase of the Company’s 2030 Convertible Notes that closed on July 23, 2026, the Company did not take any actions on the 2030 Capped Calls and they continue to remain outstanding.
2025 Credit Facility
On May 5, 2025, the Company entered into a credit agreement (the “Credit Agreement”) by and among the Company, its wholly owned subsidiary, DigitalOcean, LLC, as borrower (the “Borrower”), with Morgan Stanley Senior Funding, Inc., as administrative agent for a $500,000 senior secured delayed draw term loan facility (“Term Loan Facility”, and any loans thereunder “Term Loans”) and a senior secured revolving credit facility (“Revolving Facility”, and any loans thereunder “Revolving Loans”) which includes a sublimit for the issuance of letters of credit (collectively the “2025 Credit Facility”). On May 4, 2026, the Company entered into an amendment to its Credit Agreement (the "First Amendment"), which, among other modifications, (i) increases the Revolving Facility to $412,500, (ii) increases the letter of credit sublimit to $80,000, and (iii) amends the definition of “Indebtedness” to provide that capitalized leases shall be deemed to be an amount equal to 25% of the capitalized amount. The Term Loan Facility and Revolving Facility mature on May 5, 2030, and are subject to a springing maturity date in the event certain conditions occur as described in the Credit Agreement. Revolving Loans may be borrowed, repaid and reborrowed, until their maturity date. Term Loans may be borrowed until February 5, 2026 and once borrowed and repaid, cannot be reborrowed.
On February 3, 2026, the Company drew down the remaining $120,000 available principal under its Term Loan Facility resulting in a total outstanding principal amount of $500,000. On March 27, 2026, the Company repaid the $500,000 outstanding principal of its Term Loan Facility in cash from the proceeds of its follow-on offering (see Note 10. Stockholders’ Equity) and wrote-off $2,700 of related unamortized issuance cost as loss on extinguishment of debt in other (expense) income, net on the Company’s condensed consolidated statements of operations during the six months ended June 30, 2026.
The Credit Agreement includes customary representations, warranties, and affirmative and negative covenants, including financial covenants that require the Company to maintain certain levels of total net leverage ratio and interest coverage ratio. As of June 30, 2026, the Company was in compliance with all covenants under the 2025 Credit Facility.
During the three months ended June 30, 2026, the Company was issued a letter of credit of $5,850 under the letter of credit sublimit of its Revolving Facility. No drawdowns have been made under the Revolving Facility. The Company’s total available borrowing capacity under the Revolving Facility was $406,650 as of June 30, 2026.
In July 2026, the Company was issued a letter of credit of $9,734 under the letter of credit sublimit of its Revolving Facility. No drawdowns have been under the Company’s letters of credit.
2026 Convertible Notes
In November 2021, the Company issued $1,500,000 aggregate principal amount of convertible notes (“2026 Convertible Notes”) in a private offering, including the exercise in full of the over-allotment option granted to the initial purchasers of $200,000. The 2026 Convertible Notes are senior unsecured obligations of the Company and do not bear interest, and the principal amount of the 2026 Convertible Notes does not accrete.
Each $1 of principal of the 2026 Convertible Notes will initially be convertible into 5.6018 shares of the Company’s common stock, which is equivalent to an initial conversion price of approximately $178.51 per share, subject to adjustment as set forth in the indenture governing the 2026 Convertible Notes. As of June 1, 2026, holders may convert all or any portion of their 2026 Convertible Notes at the option of the holder regardless of the circumstances.
On August 14, 2025, the Company repurchased approximately $1,187,678 aggregate principal amount of the 2026 Convertible Notes. The outstanding principal of $312,322 of the 2026 Convertible Notes will mature on December 1, 2026 unless earlier converted, redeemed, or repurchased. Upon conversion of the 2026 Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of common stock or a combination of cash and shares of common stock, at the Company’s election.
Issuance Costs
Issuance costs are amortized to interest expense over the contractual term of the respective borrowing. Contractual interest expense consists of commitment fees and cash interest expense under the Company’s credit facilities. Interest expense related to the Company’s convertible notes and credit facilities consisted of the following:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Contractual interest expense$233 $181 $5,921 $308 
Amortization of debt issuance costs1,433 2,002 2,960 4,005 
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
The Company has commitments and purchase orders with various software license, bandwidth, network services and third-party license vendors. The Company’s purchase commitments have not materially changed since December 31, 2025 except for a long-term purchase agreement for a software license with total non-cancelable payments of $128,072 and a contractual term of up to 6.0 years, commencing in July 2026.
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.
Letters of Credit
In relation to the execution of a data center lease, the Company was issued a letter of credit of $5,850 under the letter of credit sublimit of its Revolving Facility during the three months ended June 30, 2026. There were no outstanding letters of credit as of December 31, 2025. In July 2026, the Company was issued a letter of credit of $9,734 in relation to the execution of a data center lease under the letter of credit sublimit of its Revolving Facility. No drawdowns have been under the Company’s letters of credit. Refer to Note 6. Debt of the condensed consolidated financial statements for further details.
v3.26.1
Operating Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Operating Leases Operating Leases
The Company leases co-location space at data center facilities and, to a lesser extent, corporate offices, all of which are classified as operating leases. Operating leases generally have an initial lease term ranging from two to thirteen years, which includes any option to renew or terminate the lease when it is reasonably certain that the option will be exercised.
The components of operating lease expense were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Operating lease expense$40,317 $29,851 $74,016 $56,331 
Variable lease expense4,247 2,329 8,348 4,761 
Short-term lease expense— 119 20 185 
Total operating lease expense
$44,564 $32,299 $82,384 $61,277 
Weighted-average remaining lease term and discount rate were as follows:
June 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)5.83.4
Weighted-average discount rate6%6%
Maturities of operating lease liabilities as of June 30, 2026 were as follows:
2027$149,859 
202898,990 
202969,048 
203057,633 
203153,581 
Thereafter143,292 
Total undiscounted operating lease liabilities
572,403 
Less: Imputed interest(93,316)
Total present value of operating lease liabilities
479,087 
Less: Current portion of operating lease liabilities
(126,233)
Operating lease liabilities, long-term
$352,854 
As of June 30, 2026, the Company had $2,759,287 of estimated undiscounted fixed payment obligations primarily for leases of co-location space at data center facilities that have not yet commenced and were not included in the condensed consolidated balance sheets. These leases are scheduled to commence between July 2026 and June 2028, and have a weighted-average lease term of 11.2 years.
Operating Leases Operating Leases
The Company leases co-location space at data center facilities and, to a lesser extent, corporate offices, all of which are classified as operating leases. Operating leases generally have an initial lease term ranging from two to thirteen years, which includes any option to renew or terminate the lease when it is reasonably certain that the option will be exercised.
The components of operating lease expense were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Operating lease expense$40,317 $29,851 $74,016 $56,331 
Variable lease expense4,247 2,329 8,348 4,761 
Short-term lease expense— 119 20 185 
Total operating lease expense
$44,564 $32,299 $82,384 $61,277 
Weighted-average remaining lease term and discount rate were as follows:
June 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)5.83.4
Weighted-average discount rate6%6%
Maturities of operating lease liabilities as of June 30, 2026 were as follows:
2027$149,859 
202898,990 
202969,048 
203057,633 
203153,581 
Thereafter143,292 
Total undiscounted operating lease liabilities
572,403 
Less: Imputed interest(93,316)
Total present value of operating lease liabilities
479,087 
Less: Current portion of operating lease liabilities
(126,233)
Operating lease liabilities, long-term
$352,854 
As of June 30, 2026, the Company had $2,759,287 of estimated undiscounted fixed payment obligations primarily for leases of co-location space at data center facilities that have not yet commenced and were not included in the condensed consolidated balance sheets. These leases are scheduled to commence between July 2026 and June 2028, and have a weighted-average lease term of 11.2 years.
v3.26.1
Finance Leases and Equipment Financing Obligations
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Finance Leases and Equipment Financing Obligations Finance Leases and Equipment Financing Obligations
The Company enters into finance leases and equipment financing obligations for servers and related equipment. The components of finance lease and equipment financing obligations expense were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Finance leases:
Amortization of finance lease right-of-use assets$7,476 $1,325 $11,938 $2,612 
Interest expense on finance lease liabilities3,536 53 4,796 124 
Equipment financing obligations:
Depreciation of assets under equipment financing obligations6,712 — 12,347 — 
Interest expense on equipment financing obligations2,258 — 4,323 — 
Total finance lease and equipment financing obligations expense$19,982 $1,378 $33,404 $2,736 
Weighted-average remaining term and discount rate of finance lease liabilities and equipment financing obligations were as follows:
June 30, 2026December 31, 2025
Finance Leases
Weighted-average remaining term (in years)
5.90.9
Weighted-average discount rate6%7%
Equipment Financing Obligations
Weighted-average remaining term (in years)3.93.9
Weighted-average discount rate7%7%
Maturities of finance lease liabilities and equipment financing obligations of June 30, 2026 were as follows:
Finance LeasesEquipment Financing ObligationsTotal
2027$111,639 $24,778 $136,417 
2028107,530 50,329 157,859 
2029107,203 50,329 157,532 
203099,616 46,495 146,111 
203135,545 12,744 48,289 
Thereafter1,552 6,523 8,075 
Total undiscounted finance lease liabilities and equipment financing obligations
$463,085 $191,198 $654,283 
Less: Imputed interest(53,251)(23,312)(76,563)
Total present value of finance lease liabilities and equipment financing obligations
$409,834 $167,886 $577,720 
Less: Finance lease liabilities and equipment financing obligations, current
(89,836)(39,941)(129,777)
Finance lease liabilities and equipment financing obligations, long-term
$319,998 $127,945 $447,943 
As of June 30, 2026, the Company expects to receive servers and related equipment under finance leases with total estimated undiscounted payments of $281,566 that were not included in the condensed consolidated balance sheets. The leases commenced in July 2026 and have a weighted-average lease term of 4.9 years.
v3.26.1
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
2026 Follow-on Offering
On March 26, 2026, the Company completed a follow-on public equity offering (“2026 Follow-on Offering”) of 11,948,052 shares of common stock, inclusive of the exercised over-allotment option, at a public offering price of $77.00 per share. The Company received net proceeds of $887,888 after deducting underwriting discounts and commissions of $31,050 and other issuance costs of $1,062.
2026 Direct Offering
On July 23, 2026, the Company completed a concurrent registered direct offering of 12,543,915 shares of common stock at a price of $117.54 per share. The proceeds were used to repurchase $471,828 in aggregate principal amount of its 2030 Convertible Notes. Cash on hand was used to pay transaction related fees.
Share Buyback Program
On August 11, 2025, the Company adopted a new stock repurchase program authorizing the repurchase of up to $100,000 of its common stock (“2025 Share Buyback Program”). Pursuant to the 2025 Share Buyback Program, repurchases of the Company’s common stock will be made at prevailing market prices through open market purchases, in negotiated transactions off the market or otherwise, including through Rule 10b5-1 plans. The 2025 Share Buyback Program will expire on July 31, 2027; however, the Company is not obligated to acquire any particular amount of common stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion. During the three and six months ended June 30, 2026, the Company had no repurchases of shares under the 2025 Share Buyback program.
v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
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 (“2021 Plan”). The 2021 Plan is a successor to and continuation of the 2013 Stock Plan. The 2021 Plan became effective on the date of the IPO with no further grants being made under the 2013 Stock Plan, however, awards outstanding under the 2013 Stock Plan will continue to be governed by their existing terms. The 2021 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, RSUs, PRSUs, MRSUs and other awards to employees, directors, and consultants. Shares issued pursuant to the exercise of these awards are transferable by the holder. There were 29,281,461 shares available for grant under the 2021 Plan as of June 30, 2026.
RSUs and PRSUs
RSUs granted typically vest over four years. The Company has issued PRSUs which vest based on the achievement of each award’s established performance targets. Depending on the actual financial metrics achieved relative to the target financial metrics throughout the defined performance period of the award, the number of LTIP PRSUs that vest could range from 0% to 200% of the target amount and are subject to the Compensation Committee’s approval of the level of achievement against the approved performance targets.
Assuming the minimum performance level is achieved, one-third of the aggregate number of the achieved LTIP PRSUs shall vest on the later of (i) March 1 of the year after grant or, (ii) the first anniversary of the grant date, or (iii) two trading days following the public release of the Company’s financial results for the year of grant, and the remainder shall vest over the following two years in eight equal quarterly installments subject, in each case, to the individual’s continuous service through the applicable vesting date.
On April 25, 2025, the Company granted an LTIP PRSU award (“2025 LTIP PRSU”). The financial performance level under the PRSUs was equal to the sum of the attainment of certain ARR targets weighted at 75% and adjusted free cash flow margin targets weighted at 25%. On February 13, 2026, the Company determined that the 2025 LTIP PRSU was achieved at 89.0% of the target amount. This resulted in a performance factor reduction of 154,488 shares from the original maximum shares achievable of 278,356, net of forfeiture. The target shares granted under the 2025 LTIP PRSU were 139,178, net of forfeiture.
On March 10, 2026 and June 1, 2026, the Company granted LTIP PRSU awards (“2026 LTIP PRSUs”). The financial performance level under the 2026 LTIP PRSUs can be attained based on the achievement of certain ARR and adjusted free cash flow margin targets. Under the 2026 LTIP PRSUs, 75% of the awards can be achieved based on the ARR targets and 25% of the awards can be achieved based on the adjusted free cash flow margin targets. The target shares granted under the 2026 LTIP PRSUs were 427,796. The actual number of shares that are received under the 2026 LTIP PRSUs may be higher or lower than the target shares based on the actual financial metrics achieved relative to the target financial metrics for fiscal year 2026.
As of June 30, 2026, there was $146,666 of unrecognized stock-based compensation, net of estimated forfeitures, related to outstanding RSUs, that is expected to be recognized over a weighted-average period of 2.9 years. As of June 30, 2026, there was $22,602 of unrecognized stock-based compensation, net of estimated forfeitures, related to outstanding PRSUs that is expected to be recognized over a weighted-average period of 2.7 years.
MRSU
On February 12, 2024, Padmanabhan Srinivasan joined the Company in the role of CEO. As part of his compensation package, Mr. Srinivasan received an MRSU with an estimated grant date fair value of approximately $8,000, which vests upon the satisfaction of certain service conditions and the achievement of certain Company stock price goals during a five-year performance period. A cumulative percentage of the MRSU target is earned based on the achievement of stock price goals, measured based on the average of the Company’s closing stock price over a consecutive 60 days trading day period during the performance period as set forth in the table below:
TrancheCompany Stock Price TargetTotal Payout
1$65.00
25% of Target MRSUs
2$100.00
50% of Target MRSUs
3$135.00
100% of Target MRSUs
4$170.00
150% of Target MRSUs
During the three months ended June 30, 2026, the conditions related to the Company Stock Price Target applicable to Tranches 1, 2, and 3 of the MRSUs were met. Subject to Mr. Srinivasan's continued service through the applicable vesting dates, 50% of the Tranche 1, 2, and 3 MRSUs will vest upon the Compensation Committee’s certification of Company Stock Price Target performance achievement in the first quarter of 2027 and the remaining 50% will vest upon the Compensation Committee's certification in the first quarter of 2029.
As of June 30, 2026, there was $2,926 of unrecognized stock-based compensation related to the MRSU award that is expected to be recognized over a weighted-average period of 2.7 years.
ESPP
In March 2021, the Company’s Board of Directors adopted, and the stockholders approved, the 2021 Employee Stock Purchase Plan (“ESPP”). Eligible employees enroll in the offering period at the start of each purchase period, whereby they may purchase a number of shares at a price per share equal to 85% of the lesser of (1) the stock price at the employee’s first participation in the offering period or (2) the fair market value of the Company’s common stock on the purchase date. There were 5,947,206 shares available for grant under the ESPP as of June 30, 2026.
Stock-Based Compensation
Stock-based compensation is included in the condensed consolidated statements of operations as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Cost of revenue$1,848 $1,422 $3,272 $2,817 
Research and development15,497 9,456 25,854 17,725 
Sales and marketing2,018 3,089 4,785 5,635 
General and administrative
13,361 7,114 21,320 14,336 
Total$32,724 $21,081 $55,231 $40,513 
v3.26.1
Net Income per Share Attributable to Common Stockholders
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Net Income per Share Attributable to Common Stockholders Net Income per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted net income per share:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands, except per share amounts)2026202520262025
Basic net income per share:
Numerator:
Net income attributable to common stockholders$35,437 $37,027 $51,208 $75,231 
Denominator:
Weighted-average shares used to compute net income per share attributable to common stockholders104,611 91,097 98,856 91,538 
Basic$0.34 $0.41 $0.52 $0.82 
Diluted net income per share:
Numerator:
Net income attributable to common stockholders
$35,437 $37,027 $51,208 $75,231 
Interest expense on dilutive convertible notes, net of tax1,390 1,733 1,821 3,195 
Net income used in diluted calculation$36,827 $38,760 $53,029 $78,426 
Denominator:
Number of shares used in basic calculation 104,611 91,097 98,856 91,538 
Weighted-average effect of dilutive securities:
Stock Options
671 689 711 812 
RSUs
3,280 392 2,911 711 
PRSUs
109 36 115 57 
MRSUs170 — 158 — 
2026 Convertible Notes
1,750 8,403 — 8,403 
2030 Convertible Notes15,957 — 15,957 — 
Number of shares used in diluted calculation
126,548 100,617 118,708 101,521 
Diluted net income per share attributable to common stockholders
$0.29 $0.39 $0.45 $0.77 
We calculate the potential dilutive effect of the convertible senior notes under the if-converted method. Under this method, diluted earnings per share are determined by assuming that outstanding convertible senior notes were converted into shares of our common stock at the beginning of the reporting period.
In connection with the issuance of the convertible senior notes, we entered into the capped call transactions, which were not included for purpose of calculating number of diluted shares outstanding, as their effect would have been anti-dilutive. The capped call transactions are expected to partially offset the potential dilution to our common stock upon any conversion of the convertible senior notes.
Potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2026202520262025
RSUs16 3,957 8 2,982 
2026 Convertible Notes
— — 1,750 — 
Total16 3,957 1,758 2,982 
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The computation of the provision for, or benefit from, income taxes for an interim period is determined using an estimated annual effective tax rate, adjusted for discrete items, if any. Each quarter, the Company updates the estimated annual effective tax rate and records a year-to-date adjustment to the tax provision, as necessary.
For the three months ended June 30, 2026, the Company recorded tax benefit of $8,295 and for the six months ended June 30, 2026 , the Company recorded income tax expense of $430. The effective tax rate for the three and six months ended June 30, 2026 was (30.6)% and 0.8%, respectively. The effective tax rate differs from the statutory rate primarily due to the mix of income in the foreign jurisdictions in which the Company conducts business, 162(m) limitation and excess tax benefits from stock-based compensation.
For the three and six months ended June 30, 2025, the Company recorded tax expense of $5,421 and $8,597, respectively. The effective tax rate for the three and six months ended June 30, 2025 was 12.8% and 10.3%. The effective tax rate differs from the statutory rate primarily as a result of having a full valuation allowance in the U.S. and the mix of income in the foreign jurisdictions in which the Company conducts business, and excess tax benefits from stock-based compensation and utilization of research and development credits.
The Organization for Economic Co-operation and Development Pillar Two guidelines published to date include transition and safe harbor rules around the implementation of the Pillar Two global minimum tax of 15%. Based on current enacted legislation, the Company is not subject to Pillar Two tax since the Company’s revenue is currently below the threshold. The Company is monitoring developments and evaluating the impacts these new rules will have on its future income tax provision and effective income tax rate.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company adopted the provisions related to the international tax framework that became effective in 2026 for the three and six months ended June 30, 2026. The adoption did not have a material impact on the Company’s condensed consolidated financial statements.
v3.26.1
Segment and Geographical Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographical Information Segment and Geographical Information
Segment Information
The Company’s chief operating decision maker (“CODM”) is the CEO. The CODM assesses performance on a monthly basis by reviewing consolidated results against the annual operating plan and ongoing forecasts. Accordingly, the Company has one operating and reporting segment.
The measure of segment profitability used by the CODM is net income, as reported in the condensed consolidated statements of operations. The significant segment expenses reviewed by the CODM on a consolidated basis include cost of revenue, research and development, sales and marketing, and general and administrative as reported in the condensed consolidated statements of operations on a consolidated basis. Other segment expense categories include other (expense) income, net and income tax benefit (expense) as reported in the condensed consolidated statements of operations. Refer to Note 3. Revenue, for revenue by geography.
The measure of segment assets is total assets, which is reported in the condensed consolidated balance sheets. Refer to condensed consolidated statements of cash flows and within Note 5. Balance Sheet Details, for details of capital expenditures and depreciation and amortization, respectively.
Long-lived assets include property and equipment, net and operating lease right-of-use assets, net. The geographic locations of the Company’s long-lived assets, net, based on the physical location of the assets, are as follows:
June 30, 2026December 31, 2025
United States$1,326,168 $610,135 
Netherlands59,256 70,829 
Germany53,288 50,953 
Singapore38,084 46,585 
Canada36,144 33,058 
Other42,089 48,388 
Total$1,555,029 $859,948 
v3.26.1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2026
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Cherie Barrett [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement
On May 13, 2026, Cherie Barrett, the Company’s Chief Accounting Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Barrett 10b5-1 Plan”). The Barrett 10b5-1 Plan contemplates the sale of up to 24,060 shares of the Company’s common stock between August 13, 2026 and June 4, 2027. The actual number of shares that will be sold under the Barrett 10b5-1 Plan will be based in part on the number of shares withheld to satisfy tax withholding obligations arising from the vesting of certain shares subject to the plan, which number is not yet determinable.
  
Name Cherie Barrett  
Title Company’s Chief Accounting Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 13, 2026  
Expiration Date June 4, 2027  
Arrangement Duration 387 days  
Padmanabhan Srinivasan [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement On May 15, 2026, Padmanabhan Srinivasan, the Company’s Chief Executive Officer, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (the “Srinivasan 10b5-1 Plan”). The Srinivasan 10b5-1 Plan contemplates the sale of up to 75,142 shares of the Company’s common stock between August 17, 2026 and March 15, 2027. The actual number of shares that will be sold under the Srinivasan 10b5-1 Plan will be based in part on the number of shares withheld to satisfy tax withholding obligations arising from the vesting of certain shares subject to the plan, which number is not yet determinable  
Name Padmanabhan Srinivasan  
Title Company’s Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 15, 2026  
Expiration Date   March 15, 2027
Arrangement Duration 306 days  
v3.26.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Principles of Consolidation
Basis of Presentation and Principles of Consolidation
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include accounts of the Company and all wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
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 including estimation of forfeiture rates and the probability of performance vesting conditions, the incremental borrowing rate used to determine lease liabilities, valuation allowances against deferred tax assets, fair value of financial instruments, and the fair value and useful lives of tangible and intangible assets acquired and liabilities assumed resulting from business combinations. 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. Estimates are periodically reviewed to consider changes in circumstances, facts and experience.
Restricted Cash
Restricted Cash
The following table reconciles cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows:
June 30,
20262025
Cash and cash equivalents$767,026 $387,745 
Restricted cash(1)
156 1,747 
Total cash, cash equivalents and restricted cash$767,182 $389,492 
___________________
(1) Restricted cash as of June 30, 2026 primarily consisted of deposits held with certain government agencies to satisfy local jurisdictional requirements. Restricted cash as of June 30, 2025 consisted of deposits in financial institutions related to a letter of credit used to secure a lease agreement; the funds were released to the Company in September 2025.
Accounts Receivable Net of Allowance for Expected Credit Losses
Accounts Receivable Net of Allowance for Expected Credit Losses
Accounts receivable primarily represent 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 expected credit losses 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 expected credit losses through provision for expected credit losses and reverses the accounts receivable and related allowance after the potential for recovery is considered remote.
Recent Accounting Pronouncements – Adopted and Recent Accounting Pronouncements – Pending Adoption
Recent Accounting Pronouncements – Adopted
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (“Topic 326”): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which amends Topic 326 to provide a practical expedient and an accounting policy election related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606. Specifically, in developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted the practical expedient of ASU 2025-05 on January 1, 2026 on a prospective basis. There was no impact on the Company’s condensed consolidated financial statements.
Recent Accounting Pronouncements – Pending Adoption
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“Subtopic 220-40”): Disaggregation of Income Statement Expenses (“ASU 2024-03”). In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“Subtopic 220-40”): Clarifying the Effective Date. ASU 2024-03 requires that an entity breaks down expenses into specific categories, such as employee compensation and costs related to depreciation and amortization, as well as a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Further, ASU 2024-03 requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. As clarified in ASU 2025-01, the amendments in ASU 2024-03 are required to be adopted for annual reporting periods beginning after December 15, 2026 and interim
reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments should be applied on a prospective basis for financial statements issued after the adoption date, although retrospective application is permitted. The Company is currently evaluating the impact of adoption on its financial disclosures.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (“Subtopic 350-40”): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 modernizes the accounting for internal-use software costs by increasing the operability of the recognition guidance considering different methods of software development. ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The amendment can be applied prospectively, retrospectively, or via a modified prospective transition method. The Company is currently evaluating the impact of the new standard on its condensed consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (“Topic 270”): Narrow-scope Improvements (“ASU 2025-11”). ASU 2025-11 enhances GAAP interim reporting by specifying required disclosures, establishing a disclosure principle for material post-year-end events, and clarifying the scope, types, and presentation of interim financial statements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted. The amendment can be applied prospectively or retrospectively for all prior periods presented in the financial statements. The Company is currently evaluating the impact of the new standard; however, it does not expect that the standard will have a material impact on its condensed consolidated financial statements and related disclosures.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
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,
20262025
Cash and cash equivalents$767,026 $387,745 
Restricted cash(1)
156 1,747 
Total cash, cash equivalents and restricted cash$767,182 $389,492 
___________________
(1) Restricted cash as of June 30, 2026 primarily consisted of deposits held with certain government agencies to satisfy local jurisdictional requirements. Restricted cash as of June 30, 2025 consisted of deposits in financial institutions related to a letter of credit used to secure a lease agreement; the funds were released to the Company in September 2025.
Reconciliation of Restricted Cash
The following table reconciles cash, cash equivalents and restricted cash per the condensed consolidated statements of cash flows:
June 30,
20262025
Cash and cash equivalents$767,026 $387,745 
Restricted cash(1)
156 1,747 
Total cash, cash equivalents and restricted cash$767,182 $389,492 
___________________
(1) Restricted cash as of June 30, 2026 primarily consisted of deposits held with certain government agencies to satisfy local jurisdictional requirements. Restricted cash as of June 30, 2025 consisted of deposits in financial institutions related to a letter of credit used to secure a lease agreement; the funds were released to the Company in September 2025.
Disclosure of Changes in Allowance for Doubtful Accounts
The following table presents the changes in the allowance for expected credit losses for the period presented:
Amount
Balance as of December 31, 2025$6,374 
Provision for expected credit losses8,078 
Write-offs and other(7,640)
Balance as of June 30, 2026$6,812 
v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue by Customer Category
Revenue by customer ARR category, as determined based on the customers’ spend in a given month, was as follows:
Three Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount Percentage of Revenue
Above $6K and under $100K Customers(1)
$88,387 31 %$78,922 36 %
Above $100K and under $500K Customers(1)
26,079 9 %22,048 10 %
Above $500K and under $1M Customers(1)
8,055 3 %7,322 3 %
Above $1M Customers(1)
64,720 23 %20,640 9 %
Digital Native Enterprise Customers(1)(2)
$187,241 67 %$128,932 59 %
Developers and other(1) (3)
93,943 33 %89,768 41 %
Total$281,184 100 %$218,700 100 %
Six Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount Percentage of Revenue
Above $6K and under $100K Customers(1)
$174,289 32 %$155,126 36 %
Above $100K and under $500K Customers(1)
50,641 9 %44,118 10 %
Above $500K and under $1M Customers(1)
16,466 3 %14,254 3 %
Above $1M Customers(1)
110,397 20 %36,998 9 %
Digital Native Enterprise Customers(1)(2)
$351,793 65 %$250,496 58 %
Developers and other(1) (3)
187,296 35 %178,907 42 %
Total$539,089 100 %$429,403 100 %
___________________________
(1) Beginning in the fourth quarter of 2025, the Company revised its customer category naming and classification. Prior periods have been recast to reflect the effects of these changes.
(2) May not foot due to rounding.
(3) Beginning in the fourth quarter of 2025, Developers and other include revenue from users that spend less than or equal to $500 in a given month, revenue from certain legacy Bare Metal CPU offerings, miscellaneous revenue and other reserve adjustments. Prior periods have been recast to reflect the effect of this change.
Revenue by Geographic Areas
Revenue, as determined based on the Company’s customers’ billing address, was as follows:
Three Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount
Percentage of Revenue(1)
North America$130,971 47 %$79,560 37%
Europe62,029 22 %59,660 27%
Asia61,937 22 %50,752 23%
Rest of the world
26,247 9 %28,728 13%
Total$281,184 100 %$218,700 100%
Six Months Ended June 30,
20262025
Amount
Percentage of Revenue
Amount
Percentage of Revenue(1)
North America$243,740 46 %$157,497 37 %
Europe124,626 23 %118,135 28 %
Asia119,519 22 %101,768 24 %
Rest of the world
51,204 9 %52,003 11 %
Total$539,089 100 %$429,403 100 %
___________________________
(1) May not recalculate due to rounding.
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured on a Recurring Basis
The fair value of the Company’s financial assets measured on a recurring basis was as follows:
June 30, 2026
Level ITotal
Cash and cash equivalents:
Cash$48,854 $48,854 
Money market funds718,172 718,172 
Total cash and cash equivalents$767,026 $767,026 
December 31, 2025
Level ITotal
Cash and cash equivalents:
Cash$57,363 $57,363 
Money market funds197,112 197,112 
Total cash and cash equivalents$254,475 $254,475 
v3.26.1
Balance Sheet Details (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following:
June 30, 2026December 31, 2025
Servers and related equipment
$1,001,912 $933,576 
Equipment under finance leases424,446 13,316 
Equipment under financing obligations184,951 131,503 
Internal-use software131,234 121,735 
Leasehold improvements496 412 
Furniture and fixtures361 262 
Property and equipment, gross$1,743,400 $1,200,804 
Less: accumulated depreciation$(599,782)$(524,829)
Less: accumulated amortization
(94,286)(86,881)
Property and equipment, net $1,049,332 $589,094 
v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The net carrying amount of the Company’s debt consisted of the following:
Outstanding as of
June 30, 2026December 31, 2025
2030 Convertible Notes $625,000 $625,000 
2026 Convertible Notes312,322 312,322 
Term Loan Facility— 380,000 
Total obligations937,322 1,317,322 
Unamortized debt issuance costs(16,269)(21,560)
Carrying value of debt 921,053 1,295,762 
Less: Debt, current (311,654)(325,109)
Debt, long-term$609,399 $970,653 
Schedule of Convertible Debt
The following table presents details of the 2030 Convertible Notes:
Initial Conversion Rate per $1,000 PrincipalInitial Conversion Price
(In whole $)		Initial Number of Shares
 (In thousands)
2030 Convertible Notes25.5317$39.17 15,957
Holders may convert the 2030 Convertible Notes at their option only in the following circumstances:
(1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on December 31, 2025, if the last reported sale price per share of the Company’s common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter;
(2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) if the trading price per $1,000 principal amount of 2030 Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Company’s common stock on such trading day and the conversion rate on such trading day;
(3) if the Company calls the 2030 Convertible Notes for redemption; and
(4) upon the occurrence of certain corporate events or distributions of the Company’s common stock, as described in the indenture governing the 2030 Convertible Notes.
Interest expense related to the Company’s convertible notes and credit facilities consisted of the following:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Contractual interest expense$233 $181 $5,921 $308 
Amortization of debt issuance costs1,433 2,002 2,960 4,005 
v3.26.1
Operating Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Components of Lease Expense
The components of operating lease expense were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Operating lease expense$40,317 $29,851 $74,016 $56,331 
Variable lease expense4,247 2,329 8,348 4,761 
Short-term lease expense— 119 20 185 
Total operating lease expense
$44,564 $32,299 $82,384 $61,277 
The components of finance lease and equipment financing obligations expense were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Finance leases:
Amortization of finance lease right-of-use assets$7,476 $1,325 $11,938 $2,612 
Interest expense on finance lease liabilities3,536 53 4,796 124 
Equipment financing obligations:
Depreciation of assets under equipment financing obligations6,712 — 12,347 — 
Interest expense on equipment financing obligations2,258 — 4,323 — 
Total finance lease and equipment financing obligations expense$19,982 $1,378 $33,404 $2,736 
Supplemental Balance Sheet Information
Weighted-average remaining lease term and discount rate were as follows:
June 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)5.83.4
Weighted-average discount rate6%6%
Weighted-average remaining term and discount rate of finance lease liabilities and equipment financing obligations were as follows:
June 30, 2026December 31, 2025
Finance Leases
Weighted-average remaining term (in years)
5.90.9
Weighted-average discount rate6%7%
Equipment Financing Obligations
Weighted-average remaining term (in years)3.93.9
Weighted-average discount rate7%7%
Operating Lease Maturity
Maturities of operating lease liabilities as of June 30, 2026 were as follows:
2027$149,859 
202898,990 
202969,048 
203057,633 
203153,581 
Thereafter143,292 
Total undiscounted operating lease liabilities
572,403 
Less: Imputed interest(93,316)
Total present value of operating lease liabilities
479,087 
Less: Current portion of operating lease liabilities
(126,233)
Operating lease liabilities, long-term
$352,854 
v3.26.1
Finance Leases and Equipment Financing Obligations (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Components of Lease Expense
The components of operating lease expense were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Operating lease expense$40,317 $29,851 $74,016 $56,331 
Variable lease expense4,247 2,329 8,348 4,761 
Short-term lease expense— 119 20 185 
Total operating lease expense
$44,564 $32,299 $82,384 $61,277 
The components of finance lease and equipment financing obligations expense were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Finance leases:
Amortization of finance lease right-of-use assets$7,476 $1,325 $11,938 $2,612 
Interest expense on finance lease liabilities3,536 53 4,796 124 
Equipment financing obligations:
Depreciation of assets under equipment financing obligations6,712 — 12,347 — 
Interest expense on equipment financing obligations2,258 — 4,323 — 
Total finance lease and equipment financing obligations expense$19,982 $1,378 $33,404 $2,736 
Supplemental Balance Sheet Information
Weighted-average remaining lease term and discount rate were as follows:
June 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)5.83.4
Weighted-average discount rate6%6%
Weighted-average remaining term and discount rate of finance lease liabilities and equipment financing obligations were as follows:
June 30, 2026December 31, 2025
Finance Leases
Weighted-average remaining term (in years)
5.90.9
Weighted-average discount rate6%7%
Equipment Financing Obligations
Weighted-average remaining term (in years)3.93.9
Weighted-average discount rate7%7%
Finance Lease Maturity
Maturities of finance lease liabilities and equipment financing obligations of June 30, 2026 were as follows:
Finance LeasesEquipment Financing ObligationsTotal
2027$111,639 $24,778 $136,417 
2028107,530 50,329 157,859 
2029107,203 50,329 157,532 
203099,616 46,495 146,111 
203135,545 12,744 48,289 
Thereafter1,552 6,523 8,075 
Total undiscounted finance lease liabilities and equipment financing obligations
$463,085 $191,198 $654,283 
Less: Imputed interest(53,251)(23,312)(76,563)
Total present value of finance lease liabilities and equipment financing obligations
$409,834 $167,886 $577,720 
Less: Finance lease liabilities and equipment financing obligations, current
(89,836)(39,941)(129,777)
Finance lease liabilities and equipment financing obligations, long-term
$319,998 $127,945 $447,943 
v3.26.1
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Payment Arrangement and Price Targets A cumulative percentage of the MRSU target is earned based on the achievement of stock price goals, measured based on the average of the Company’s closing stock price over a consecutive 60 days trading day period during the performance period as set forth in the table below:
TrancheCompany Stock Price TargetTotal Payout
1$65.00
25% of Target MRSUs
2$100.00
50% of Target MRSUs
3$135.00
100% of Target MRSUs
4$170.00
150% of Target MRSUs
Summary of Stock-Based Compensation Expense
Stock-based compensation is included in the condensed consolidated statements of operations as follows:
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
Cost of revenue$1,848 $1,422 $3,272 $2,817 
Research and development15,497 9,456 25,854 17,725 
Sales and marketing2,018 3,089 4,785 5,635 
General and administrative
13,361 7,114 21,320 14,336 
Total$32,724 $21,081 $55,231 $40,513 
v3.26.1
Net Income per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted net income per share:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands, except per share amounts)2026202520262025
Basic net income per share:
Numerator:
Net income attributable to common stockholders$35,437 $37,027 $51,208 $75,231 
Denominator:
Weighted-average shares used to compute net income per share attributable to common stockholders104,611 91,097 98,856 91,538 
Basic$0.34 $0.41 $0.52 $0.82 
Diluted net income per share:
Numerator:
Net income attributable to common stockholders
$35,437 $37,027 $51,208 $75,231 
Interest expense on dilutive convertible notes, net of tax1,390 1,733 1,821 3,195 
Net income used in diluted calculation$36,827 $38,760 $53,029 $78,426 
Denominator:
Number of shares used in basic calculation 104,611 91,097 98,856 91,538 
Weighted-average effect of dilutive securities:
Stock Options
671 689 711 812 
RSUs
3,280 392 2,911 711 
PRSUs
109 36 115 57 
MRSUs170 — 158 — 
2026 Convertible Notes
1,750 8,403 — 8,403 
2030 Convertible Notes15,957 — 15,957 — 
Number of shares used in diluted calculation
126,548 100,617 118,708 101,521 
Diluted net income per share attributable to common stockholders
$0.29 $0.39 $0.45 $0.77 
Schedule of Anti-Dilutive 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:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2026202520262025
RSUs16 3,957 8 2,982 
2026 Convertible Notes
— — 1,750 — 
Total16 3,957 1,758 2,982 
v3.26.1
Segment and Geographical Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Long-lived Assets by Geographic Areas The geographic locations of the Company’s long-lived assets, net, based on the physical location of the assets, are as follows:
June 30, 2026December 31, 2025
United States$1,326,168 $610,135 
Netherlands59,256 70,829 
Germany53,288 50,953 
Singapore38,084 46,585 
Canada36,144 33,058 
Other42,089 48,388 
Total$1,555,029 $859,948 
v3.26.1
Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 767,026 $ 254,475 $ 387,745  
Restricted cash 156   1,747  
Total cash, cash equivalents and restricted cash $ 767,182 $ 254,633 $ 389,492 $ 430,193
v3.26.1
Summary of Significant Accounting Policies - Disclosure of Changes in Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Beginning Balance $ 6,374  
Provision for expected credit losses 8,078 $ 8,607
Write-offs and other (7,640)  
Ending Balance $ 6,812  
v3.26.1
Revenue - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Aug. 04, 2026
Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Deferred revenue $ 53,039,000   $ 53,039,000     $ 5,882,000
Revenue recognized during period 720,000 $ 650,000 2,720,000 $ 2,885,000    
Pre-payment obligation held in a third-party escrow account $ 46,043,000   46,043,000      
Subsequent Event            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Pre-payment obligation held in a third-party escrow account         $ 46,043,000  
Maximum            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer tenure 3 months          
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Revenue, performance obligations not recognized $ 893,828,000   $ 893,828,000      
Revenue, performance obligations not recognized, period 3 years 8 months 12 days   3 years 8 months 12 days      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Revenue, performance obligations not recognized $ 365,901,000   $ 365,901,000      
Revenue, performance obligations not recognized, period 12 months   12 months      
Digital Native Enterprise Customers            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer spending more than $ 500,000          
Above $6K and under $100K Customers            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer spending more than 500,000          
Annual run-rate revenue, minimum 6,000   $ 6,000      
Annual run-rate revenue, maximum 100,000   100,000      
Customer spending less than or equal 8,333,000          
Above $100K and under $500K Customers            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer spending more than 8,333,000          
Annual run-rate revenue, minimum 100,000   100,000      
Annual run-rate revenue, maximum 500,000   500,000      
Customer spending less than or equal 41,667,000          
Above $500K and under $1M Customers            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer spending more than 41,667,000          
Annual run-rate revenue, minimum 500,000   500,000      
Annual run-rate revenue, maximum 1,000,000   1,000,000      
Customer spending less than or equal 83,333,000          
Above $1M Customers            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer spending more than 83,333,000          
Annual run-rate revenue, maximum 1,000,000   $ 1,000,000      
Developers and other            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer spending more than 500          
Learners, Testers and Other            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Customer spending less than or equal $ 50          
Revenue from Contract with Customer | Geographic Concentration Risk            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Percentage of revenue 100.00% 100.00% 100.00% 100.00%    
United States | Revenue from Contract with Customer | Geographic Concentration Risk            
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]            
Percentage of revenue 41.00% 31.00% 40.00% 31.00%    
v3.26.1
Revenue - Revenue by Customer Category (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue $ 281,184,000 $ 218,700,000 $ 539,089,000 $ 429,403,000
Percentage of Revenue 100.00% 100.00% 100.00% 100.00%
Above $6K and under $100K Customers        
Disaggregation of Revenue [Line Items]        
Annual run-rate revenue, minimum $ 6,000   $ 6,000  
Annual run-rate revenue, maximum 100,000   100,000  
Revenue $ 88,387,000 $ 78,922,000 $ 174,289,000 $ 155,126,000
Percentage of Revenue 31.00% 36.00% 32.00% 36.00%
Customer spending more than $ 500,000      
Above $100K and under $500K Customers        
Disaggregation of Revenue [Line Items]        
Annual run-rate revenue, minimum 100,000   $ 100,000  
Annual run-rate revenue, maximum 500,000   500,000  
Revenue $ 26,079,000 $ 22,048,000 $ 50,641,000 $ 44,118,000
Percentage of Revenue 9.00% 10.00% 9.00% 10.00%
Customer spending more than $ 8,333,000      
Above $500K and under $1M Customers        
Disaggregation of Revenue [Line Items]        
Annual run-rate revenue, minimum 500,000   $ 500,000  
Annual run-rate revenue, maximum 1,000,000   1,000,000  
Revenue $ 8,055,000 $ 7,322,000 $ 16,466,000 $ 14,254,000
Percentage of Revenue 3.00% 3.00% 3.00% 3.00%
Customer spending more than $ 41,667,000      
Above $1M Customers        
Disaggregation of Revenue [Line Items]        
Annual run-rate revenue, maximum 1,000,000   $ 1,000,000  
Revenue $ 64,720,000 $ 20,640,000 $ 110,397,000 $ 36,998,000
Percentage of Revenue 23.00% 9.00% 20.00% 9.00%
Customer spending more than $ 83,333,000      
Digital Native Enterprise Customers        
Disaggregation of Revenue [Line Items]        
Revenue $ 187,241,000 $ 128,932,000 $ 351,793,000 $ 250,496,000
Percentage of Revenue 67.00% 59.00% 65.00% 58.00%
Customer spending more than $ 500,000      
Developers and other        
Disaggregation of Revenue [Line Items]        
Revenue $ 93,943,000 $ 89,768,000 $ 187,296,000 $ 178,907,000
Percentage of Revenue 33.00% 41.00% 35.00% 42.00%
Customer spending more than $ 500      
v3.26.1
Revenue - Revenue by Geographic Areas (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Amount $ 281,184 $ 218,700 $ 539,089 $ 429,403
Geographic Concentration Risk | Revenue from Contract with Customer        
Disaggregation of Revenue [Line Items]        
Amount $ 281,184 $ 218,700 $ 539,089 $ 429,403
Percentage of Revenue 100.00% 100.00% 100.00% 100.00%
North America | Geographic Concentration Risk | Revenue from Contract with Customer        
Disaggregation of Revenue [Line Items]        
Amount $ 130,971 $ 79,560 $ 243,740 $ 157,497
Percentage of Revenue 47.00% 37.00% 46.00% 37.00%
Europe | Geographic Concentration Risk | Revenue from Contract with Customer        
Disaggregation of Revenue [Line Items]        
Amount $ 62,029 $ 59,660 $ 124,626 $ 118,135
Percentage of Revenue 22.00% 27.00% 23.00% 28.00%
Asia | Geographic Concentration Risk | Revenue from Contract with Customer        
Disaggregation of Revenue [Line Items]        
Amount $ 61,937 $ 50,752 $ 119,519 $ 101,768
Percentage of Revenue 22.00% 23.00% 22.00% 24.00%
Rest of the world | Geographic Concentration Risk | Revenue from Contract with Customer        
Disaggregation of Revenue [Line Items]        
Amount $ 26,247 $ 28,728 $ 51,204 $ 52,003
Percentage of Revenue 9.00% 13.00% 9.00% 11.00%
v3.26.1
Fair Value Measurements - Schedule of Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents: $ 767,026 $ 254,475
Level I    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents: 767,026 254,475
Cash    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents: 48,854 57,363
Cash | Level I    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents: 48,854 57,363
Money market funds    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents: 718,172 197,112
Money market funds | Level I    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Cash and cash equivalents: $ 718,172 $ 197,112
v3.26.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value Disclosures [Abstract]        
Interest income $ 6,390 $ 3,202 $ 9,267 $ 6,859
v3.26.1
Balance Sheet Details - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross $ 1,743,400 $ 1,200,804
Less: accumulated depreciation (599,782) (524,829)
Less: accumulated amortization (94,286) (86,881)
Property and equipment, net 1,049,332 589,094
Servers and related equipment    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross 1,001,912 933,576
Equipment under finance leases    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross 424,446 13,316
Equipment under financing obligations    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross 184,951 131,503
Internal-use software    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross 131,234 121,735
Leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross 496 412
Furniture and fixtures    
Property, Plant, and Equipment [Line Items]    
Property and equipment, gross $ 361 $ 262
v3.26.1
Balance Sheet Details - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Property, Plant, and Equipment [Line Items]        
Depreciation $ 42,217 $ 25,589 $ 79,221 $ 47,348
Software, In-Development, Internally Developed, and Purchased        
Property, Plant, and Equipment [Line Items]        
Capitalized costs 6,200 1,688 9,681 4,287
Amortization expense $ 3,867 $ 2,145 $ 7,400 $ 4,399
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Aug. 14, 2025
Debt Instrument [Line Items]      
Total obligations $ 937,322 $ 1,317,322  
Unamortized debt issuance costs (16,269) (21,560)  
Carrying value of debt 921,053 1,295,762  
Less: Debt, current (311,654) (325,109)  
Debt, long-term 609,399 970,653  
2030 Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Total obligations 625,000 625,000 $ 625
2026 Convertible Notes | Convertible Debt      
Debt Instrument [Line Items]      
Total obligations 312,322 312,322  
Term Loan Facility | Line of Credit      
Debt Instrument [Line Items]      
Total obligations $ 0 $ 380,000  
v3.26.1
Debt - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 6 Months Ended
Jul. 23, 2026
USD ($)
$ / shares
shares
May 04, 2026
Aug. 14, 2025
USD ($)
$ / shares
shares
Aug. 11, 2025
$ / shares
May 05, 2025
USD ($)
Nov. 30, 2021
USD ($)
Jun. 30, 2026
USD ($)
day
$ / shares
shares
Jul. 31, 2026
USD ($)
Mar. 27, 2026
USD ($)
Feb. 03, 2026
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]                      
Total obligations             $ 937,322       $ 1,317,322
2026 Direct Offering | Subsequent Event                      
Debt Instrument [Line Items]                      
Sale of stock, shares issued in transaction (in shares) | shares 12,543,915                    
Sale of stock, price per share (in dollars per share) | $ / shares $ 117.54                    
Convertible Debt | Debt Conversion Terms One | Capped Call Option                      
Debt Instrument [Line Items]                      
Strike price (in dollars per share) | $ / shares       $ 39.17              
Initial price (in dollars per share) | $ / shares       $ 66.51              
Line of Credit | Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Capitalized leases percent   25.00%                  
2030 Convertible Notes                      
Debt Instrument [Line Items]                      
Debt maturity period             1 year        
2030 Convertible Notes | Convertible Debt                      
Debt Instrument [Line Items]                      
Long-term debt, fair value             $ 2,546,106        
Total obligations     $ 625       $ 625,000       625,000
Interest rate     0.00%                
Additional purchase amount     $ 75                
Initial number of shares (in shares) | shares     15,957                
Conversion price (in dollars per share) | $ / shares     $ 39.17                
2030 Convertible Notes | Convertible Debt | Subsequent Event                      
Debt Instrument [Line Items]                      
Aggregate principal amount repurchased $ 471,828                    
2030 Convertible Notes | Convertible Debt | Debt Conversion Terms One                      
Debt Instrument [Line Items]                      
Percentage of stock price trigger             130.00%        
Strike price (in dollars per share) | $ / shares             $ 39.17        
Trading days | day             20        
Consecutive trading days | day             30        
2025 Credit Facility | Line of Credit                      
Debt Instrument [Line Items]                      
Line of credit facility, maximum borrowing capacity         $ 500,000            
Available borrowing capacity                   $ 120,000  
Prepaid expenses                 $ 2,700    
2025 Credit Facility | Line of Credit | Letter of Credit                      
Debt Instrument [Line Items]                      
Line of credit facility, maximum borrowing capacity             $ 5,850        
2025 Credit Facility | Line of Credit | Letter of Credit | Subsequent Event                      
Debt Instrument [Line Items]                      
Line of credit facility, maximum borrowing capacity               $ 9,734      
2025 Credit Facility | Line of Credit | Revolving Credit Facility                      
Debt Instrument [Line Items]                      
Line of credit facility, maximum borrowing capacity         412,500   406,650        
Proceeds from financing arrangements         $ 80,000            
2026 Convertible Notes | Convertible Debt                      
Debt Instrument [Line Items]                      
Long-term debt, fair value             353,745        
Total obligations             $ 312,322       $ 312,322
Debt instrument, face amount           $ 1,500          
Extinguishment of debt, amount     $ 1,187,678                
2026 Convertible Notes | Convertible Debt | Common Stock                      
Debt Instrument [Line Items]                      
Initial number of shares (in shares) | shares             5.6018        
Conversion price (in dollars per share) | $ / shares             $ 178.51        
2026 Convertible Notes | Convertible Debt | Underwriters' Option                      
Debt Instrument [Line Items]                      
Consideration received           $ 200          
v3.26.1
Debt - Schedule of Convertible Notes (Details) - 2030 Convertible Notes - Convertible Debt
 6 Months Ended
Aug. 14, 2025
day
$ / shares
shares
Jun. 30, 2026
day
Debt Instrument [Line Items]    
Conversion ratio, number of shares 0.0255300  
Initial Conversion Price (in dollars per share) | $ / shares $ 39.17  
Initial number of shares (in shares) | shares 15,957  
Debt Conversion Terms One    
Debt Instrument [Line Items]    
Percentage of stock price trigger   130.00%
Trading days   20
Consecutive trading days   30
Debt Conversion Terms Two    
Debt Instrument [Line Items]    
Percentage of stock price trigger 98.00%  
Trading days 5  
Consecutive trading days 10  
v3.26.1
Debt - Schedule of Interest Expense Related to Convertible Notes and Credit Facilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Disclosure [Abstract]        
Contractual interest expense $ 233 $ 181 $ 5,921 $ 308
Amortization of debt issuance costs $ 1,433 $ 2,002 $ 2,960 $ 4,005
v3.26.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
May 05, 2025
2025 Credit Facility | Line of Credit      
Lessee, Lease, Description [Line Items]      
Line of credit facility, maximum borrowing capacity     $ 500,000
Letter of Credit | 2025 Credit Facility | Line of Credit      
Lessee, Lease, Description [Line Items]      
Line of credit facility, maximum borrowing capacity $ 5,850    
Letter of Credit | 2025 Credit Facility | Line of Credit | Subsequent Event      
Lessee, Lease, Description [Line Items]      
Line of credit facility, maximum borrowing capacity   $ 9,734  
Software License Arrangement      
Lessee, Lease, Description [Line Items]      
Long-term purchase agreement $ 128,072    
Contractual term 6 years    
v3.26.1
Operating Leases - Narrative (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Operating Lease, Lease Not yet Commenced  
Lessee, Lease, Description [Line Items]  
Undiscounted fixed payment obligations for leases that have not yet commenced $ 2,759,287
Lease term, operating leases for co-location space at data center facilities that have not yet commenced 11 years 2 months 12 days
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease, term 2 years
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease, term 13 years
v3.26.1
Operating Leases - Schedule of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Leases [Abstract]        
Operating lease expense $ 40,317 $ 29,851 $ 74,016 $ 56,331
Variable lease expense 4,247 2,329 8,348 4,761
Short-term lease expense 0 119 20 185
Total operating lease expense $ 44,564 $ 32,299 $ 82,384 $ 61,277
v3.26.1
Operating Leases - Supplemental Balance Sheet Information (Details)
Jun. 30, 2026
Dec. 31, 2025
Operating Lease Weighted Average    
Weighted-average remaining lease term (in years) 5 years 9 months 18 days 3 years 4 months 24 days
Weighted-average discount rate 6.00% 6.00%
v3.26.1
Operating Leases - Maturities of Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Leases [Abstract]    
2027 $ 149,859  
2028 98,990  
2029 69,048  
2030 57,633  
2031 53,581  
Thereafter 143,292  
Total undiscounted operating lease liabilities 572,403  
Less: Imputed interest (93,316)  
Total present value of operating lease liabilities 479,087  
Less: Current portion of operating lease liabilities (126,233) $ (108,037)
Operating lease liabilities, long-term $ 352,854 $ 166,895
v3.26.1
Finance Leases and Equipment Financing Obligations - Finance Lease and Equipment Financing Obligations Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Finance Leases        
Amortization of finance lease right-of-use assets $ 7,476 $ 1,325 $ 11,938 $ 2,612
Interest on finance lease liabilities 3,536 53 4,796 124
Equipment Financing Obligations        
Depreciation of assets under equipment financing obligations 6,712 0 12,347 0
Interest expense on equipment financing obligations 2,258 0 4,323 0
Total operating lease expense $ 19,982 $ 1,378 $ 33,404 $ 2,736
v3.26.1
Finance Leases and Equipment Financing Obligations - Supplemental Balance Sheet Information (Details)
Jun. 30, 2026
Dec. 31, 2025
Finance Leases    
Weighted-average remaining term (in years) 5 years 10 months 24 days 10 months 24 days
Weighted-average discount rate 6.00% 7.00%
Equipment Financing Obligations    
Weighted-average remaining term (in years) 3 years 10 months 24 days 3 years 10 months 24 days
Weighted-average discount rate 7.00% 7.00%
v3.26.1
Finance Leases and Equipment Financing Obligations - Maturities of Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Finance Leases    
2027 $ 111,639  
2028 107,530  
2029 107,203  
2030 99,616  
2031 35,545  
Thereafter 1,552  
Total undiscounted finance lease liabilities and equipment financing obligations 463,085  
Less: Imputed interest 53,251  
Total present value of finance lease liabilities and equipment financing obligations 409,834  
Finance lease liabilities and equipment financing obligations, current 89,836  
Finance lease liabilities and equipment financing obligations, long-term 319,998  
Equipment Financing Obligations    
2027 24,778  
2028 50,329  
2029 50,329  
2030 46,495  
2031 12,744  
Thereafter 6,523  
Total undiscounted finance lease liabilities and equipment financing obligations 191,198  
Less: Imputed interest 23,312  
Total present value of finance lease liabilities and equipment financing obligations 167,886  
Less: Finance lease liabilities and equipment financing obligations, current 39,941  
Finance lease liabilities and equipment financing obligations, long-term 127,945  
Total    
2027 136,417  
2028 157,859  
2029 157,532  
2030 146,111  
2031 48,289  
Thereafter 8,075  
Total undiscounted finance lease liabilities and equipment financing obligations 654,283  
Less: Imputed interest 76,563  
Total present value of finance lease liabilities and equipment financing obligations 577,720  
Less: Finance lease liabilities and equipment financing obligations, current 129,777 $ 31,411
Finance lease liabilities and equipment financing obligations, long-term $ 447,943  
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Finance lease liabilities and equipment financing obligations, long-term  
v3.26.1
Finance Leases and Equipment Financing Obligations - Narrative (Details) - Financing Lease, Lease Not yet Commenced
$ in Thousands
Jun. 30, 2026
USD ($)
Lessee, Lease, Description [Line Items]  
Undiscounted fixed payment obligations for leases that have not yet commenced $ 281,566
Finance lease, not yet commenced, term of contract 4 years 10 months 24 days
v3.26.1
Stockholders’ Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
Jul. 23, 2026
Mar. 26, 2026
Aug. 11, 2025
2030 Convertible Notes | Convertible Debt | Subsequent Event      
Class of Stock [Line Items]      
Aggregate principal amount repurchased $ 471,828    
2026 Follow-on Offering      
Class of Stock [Line Items]      
Sale of stock, shares issued in transaction (in shares)   11,948,052  
Sale of stock, price per share (in dollars per share)   $ 77.00  
Net proceeds after transaction   $ 887,888  
Underwriting discounts and commissions   31,050  
Other issuance costs   $ 1,062  
2026 Direct Offering | Subsequent Event      
Class of Stock [Line Items]      
Sale of stock, shares issued in transaction (in shares) 12,543,915    
Sale of stock, price per share (in dollars per share) $ 117.54    
2025 Share Buyback Program      
Class of Stock [Line Items]      
Stock repurchase program, authorized amount     $ 100,000
v3.26.1
Stock-Based Compensation - Narrative (Details)
$ in Thousands
 1 Months Ended 6 Months Ended
Feb. 13, 2026
shares
Feb. 12, 2024
USD ($)
day
Jun. 10, 2021
installment
trading_day
Mar. 31, 2021
Jun. 30, 2026
USD ($)
shares
Mar. 10, 2026
shares
Apr. 25, 2025
shares
RSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock options, vesting period         4 years    
Unrecognized stock-based compensation expense | $         $ 146,666    
Unrecognized stock-based compensation expense, average recognition period         2 years 10 months 24 days    
PRSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock options, vesting period     2 years        
Number of quarterly installments | installment     8        
Percentage of awards based on revenue targets           75.00% 75.00%
Percentage of awards based on adjusted free cash flow margin targets           25.00% 25.00%
Percentage of target award (in percent) 89.00%            
Performance factor reduction (in shares) 154,488            
Maximum shares achievable, excluding forfeitures (in shares) 278,356            
Number of total target shares (in shares)           427,796 139,178
Unrecognized stock-based compensation expense | $         $ 22,602    
Unrecognized stock-based compensation expense, average recognition period         2 years 8 months 12 days    
PRSUs | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         0.00%    
PRSUs | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         200.00%    
Number of trading days | trading_day     2,000        
MRSUs              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Trading day period during the performance period | day   60,000          
MRSUs | Chief Executive Officer              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Stock options, vesting period         2 years 8 months 12 days    
Unrecognized stock-based compensation expense | $         $ 2,926    
Grant date fair value | $   $ 8,000          
MRSUs | Chief Executive Officer | Share-Based Payment Arrangement, If Three Year Stock Price Targets Achieved, Tranche One              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage   50.00%          
MRSUs | Chief Executive Officer | Share-Based Payment Arrangement, If Three Year Stock Price Targets Achieved, Tranche Two              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage   50.00%          
2021 Employee Stock Purchase Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares of common stock reserved for future issuance, number available for grant (in shares)         29,281,461    
2021 Employee Stock Purchase Plan | Employee Stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Shares of common stock reserved for future issuance, number available for grant (in shares)         5,947,206    
Purchase price of common stock, percent       85.00%      
v3.26.1
Stock-Based Compensation - MRSUs Share-Based Payment Arrangements and Price Targets (Details) - MRSUs - Chief Executive Officer
Jun. 30, 2026
$ / shares
Tranche 1  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Target (in dollars per share) $ 65.00
Total Payout 25.00%
Tranche 2  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Target (in dollars per share) $ 100.00
Total Payout 50.00%
Tranche 3  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Target (in dollars per share) $ 135.00
Total Payout 100.00%
Tranche 4  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Company Stock Price Target (in dollars per share) $ 170.00
Total Payout 150.00%
v3.26.1
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total $ 32,724 $ 21,081 $ 55,231 $ 40,513
Income Statement Location [Axis]: us-gaap:CostOfRevenue        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 1,848 1,422 3,272 2,817
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 13,361 7,114 21,320 14,336
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total 15,497 9,456 25,854 17,725
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total $ 2,018 $ 3,089 $ 4,785 $ 5,635
v3.26.1
Net Income per Share Attributable to Common Stockholders - Schedule of Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:        
Net income attributable to common stockholders $ 35,437 $ 37,027 $ 51,208 $ 75,231
Weighted average shares used to compute net income per share (in shares) 104,611,000 91,097,000 98,856,000 91,538,000
Basic net income per share attributable to common stockholders (in dollars per share) $ 0.34 $ 0.41 $ 0.52 $ 0.82
Diluted net income per share:        
Interest expense on dilutive convertible notes, net of tax $ 1,390 $ 1,733 $ 1,821 $ 3,195
Net income used in diluted calculation $ 36,827 $ 38,760 $ 53,029 $ 78,426
Number of shares used in basic calculation (in shares) 104,611,000 91,097,000 98,856,000 91,538,000
Diluted (in shares) 126,548,000 100,617,000 118,708,000 101,521,000
Diluted net income per share attributable to common stockholders (in dollars per share) $ 0.29 $ 0.39 $ 0.45 $ 0.77
Stock Options        
Diluted net income per share:        
Diluted (in shares) 671,000 689,000 711,000 812,000
RSUs        
Diluted net income per share:        
Diluted (in shares) 3,280,000 392,000 2,911,000 711,000
PRSUs        
Diluted net income per share:        
Diluted (in shares) 109,000 36,000 115,000 57,000
MRSUs        
Diluted net income per share:        
Diluted (in shares) 170,000 0 158,000 0
2026 Convertible Notes        
Diluted net income per share:        
Diluted (in shares) 1,750,000 8,403,000 0 8,403,000
2030 Convertible Notes        
Diluted net income per share:        
Diluted (in shares) 15,957,000 0 15,957,000 0
v3.26.1
Net Income per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of loss per share, amount (in shares) 16,000 3,957,000 1,758,000 2,982,000
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of loss per share, amount (in shares) 16,000 3,957,000 8,000 2,982,000
2026 Convertible Notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of loss per share, amount (in shares) 0 0 1,750,000 0
v3.26.1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ (8,295) $ 5,421 $ 430 $ 8,597
Total tax benefit (30.60%) 12.80% 0.80% 10.30%
v3.26.1
Segment and Geographical Information -Long-Lived Assets by Geographic Area (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Total $ 1,555,029 $ 859,948
United States    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Total 1,326,168 610,135
Netherlands    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Total 59,256 70,829
Germany    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Total 53,288 50,953
Singapore    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Total 38,084 46,585
Canada    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Total 36,144 33,058
Other    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Total $ 42,089 $ 48,388