v3.26.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Performance-based Restricted Stock Units Vesting Conditions The following table presents additional information
relating to each MSU award:
Share Price Goal
Incremental Units
Tranche Cumulative Units
December 31, 2026 Vesting:
$3.14
142,049
142,049
$5.00
142,049
284,099
$8.00
142,049
426,148
$10.00
142,049
568,197
$12.00
142,049
710,247
$14.00
142,049
852,296
Schedule of Restricted Stock Units Activity A summary of RSU, MSU and PSU activity for the three months ended March 31, 2026, is as follows (amounts in thousands,
except per share amounts):
Restricted Stock Units
Market Condition Restricted Stock
Units
Performance Restricted Stock Units
Number of
Shares
Weighted-
Average
Grant Date Fair
Value
Number of
Shares
Weighted-
Average
Grant Date Fair
Value
Number of
Shares
Weighted-
Average
Grant Date Fair
Value
Unvested - January 1, 2026
13,270
$8.58
844
$6.14
5,519
$11.57
Granted
928
16.36
8
3.99
—
—
Performance adjustment
—
—
—
—
(1,472)
11.57
Vested
(1,846)
9.99
—
—
(1,840)
15.71
Forfeited
(77)
7.11
—
—
—
Unvested - March 31, 2026
12,275
$8.90
852
$6.14
2,207
$13.18
Schedule of Unrecognized Compensation Cost And Weighted Average Period For Recognition As of March 31, 2026, unrecognized compensation cost and the related weighted-average period over which the cost is
expected to be recognized for each award type were as follows (in thousands):
Unrecognized
Compensation Cost
Weighted-Average
Recognition Period
RSUs
$91,517
1.9 years
PSUs
18,178
2.0 years
MSUs
1,485
0.8 years
Total
$111,180
Schedule of Share-based Compensation Arrangements by Share-based Payment Award Stock-based compensation expense for the three months ended March 31, 2026 and 2025, is included in the Company’s
condensed consolidated statements of operations as follows (in thousands):
Three Months Ended March 31,
2026
2025
Cost of revenue
$853
$1,382
Colocation organizational and site startup costs
4,224
—
Selling, general and administrative
12,684
14,803
Stock-based compensation expense, net of amounts capitalized
17,761
16,185
Capitalized stock-based compensation1
626
220
Total stock-based compensation cost
$18,387
$16,405
1 Represents the amounts of stock-based compensation capitalized to property, plant, and equipment.