The following table summarizes our non-cancelable contractual commitments as of December 31, 2025 (in thousands):


	Total		2026		2027-2028		2029-2030		Thereafter
Operating leases (1)	$	105,313	$	32,542	$	47,953	$	17,190	$	7,628
Purchase commitments (2)	753,459		251,886		378,285		123,288		—
Convertible note principal and interest (3)	2,287,724		577,724		1,020,000		690,000		—
Total	$	3,146,496	$	862,152	$	1,446,238	$	830,478	$	7,628

(1) Operating leases consist of obligations for real estate, including leases that are not yet commenced or reflected on our consolidated balance sheet with future minimum lease payments of $7.4 million. These leases will commence in 2026 with lease terms of approximately seven years.

(2) The substantial majority of our purchase commitments are related to agreements with our data center hosting providers.

In the normal course of business, we are subject to various legal matters. We accrue a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. We also disclose material contingencies when we believe a loss is not probable but reasonably possible. Legal costs related to such potential losses are expensed as incurred. In addition, recoveries are shown as a reduction in legal costs in the period in which they are realized.

With respect to our outstanding matters, based on current knowledge, we believe that the resolution of such matters will not, either individually or in the aggregate, have a material adverse effect on our business or our consolidated financial statements. However, litigation is inherently uncertain, and the outcome of these matters cannot be predicted with certainty. Accordingly, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these matters.

We had $8.5 million and $10.2 million of secured letters of credit outstanding as of December 31, 2025 and 2024, respectively. These primarily relate to our office space leases and are fully collateralized by certificates of deposit which we record in restricted cash as other assets and prepaid expenses and other on our consolidated balance sheets.