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.

(3) Convertible notes due 2026, 2027, and 2030. See Note 9, "Borrowings," above for further discussion.