The Company maintains an equity-based incentive plan (the "Incentive Plan") under which it grants RSUs, MSUs, and PSUs to employees and executive officers.

PSUs are granted to certain executive officers under the Incentive Plan and are subject to satisfaction of a service condition and the achievement of market or performance conditions during a defined measurement period. In April 2025, the Company granted PSUs that are eligible to vest in three equal annual installments through March 2028, subject to continued service and the achievement of market and performance conditions, with the number of shares earned ranging from 0% to 300% of target based on the achievement of the applicable conditions during each measurement period.

In May 2026, the Company granted additional PSUs eligible to cliff vest on March 15, 2029, subject to continued service and the achievement of market and performance conditions, including RTSR, energized megawatt growth, and new customer acquisition, over the 2026 through 2028 calendar years. The number of shares earned ranges from 0% to 200% of target, and up to 250% of target for the Chief Executive Officer. The grant date fair value of the tranche subject to the RTSR market condition was estimated using a Monte Carlo simulation model, using the following assumptions:

RSUs are granted to employees and executive officers under the Incentive Plan and generally vest over a three-year service period, based on continued service.

MSUs vest based on the achievement of share price goals over a defined measurement period. For the vesting schedule and additional terms of outstanding MSU awards, see Note 13 - Stockholders’ Deficit in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

The following table summarizes RSU, MSU, and PSU activity for the six months ended June 30, 2026 (shares in thousands):


	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 - December 31, 2025	13,270	$	8.58	844	$	6.14	5,519	$	11.57
Granted	2,077	19.96		8	3.99		1,717	29.31
Performance adjustment(1)	—	—		—	—		(1,471)	11.57
Vested	(3,454)	9.62		—	—		(1,840)	15.71
Forfeited	(262)	8.56		—	—		—	—
Unvested - June 30, 2026	11,631	$	10.24	852	$	6.14	3,925	$	20.24

(1)Represents the adjustment to PSUs to reflect the number earned based on achievement of the applicable market and performance conditions (0% to 300% of target).

The following table presents unrecognized compensation cost and the related weighted-average period over which the cost is expected to be recognized as of June 30, 2026 (dollars in thousands):


	Unrecognized Compensation Cost		Weighted-Average Recognition Period
RSUs	$	99,093	2.0 years
PSUs	62,631		2.5 years
MSUs	994		0.5 years
Total	$	162,718

The following table presents the stock-based compensation expense included in the Company’s condensed consolidated statements of operations for the periods indicated (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of revenue	$	1,283	$	941	$	2,136	$	2,323
Colocation organizational and site startup costs	4,302		4,638		8,526		7,590
Selling, general and administrative	12,655		18,592		25,339		30,442
Stock-based compensation expense, net of amounts capitalized(1)	18,240		24,171		36,001		40,355
Capitalized stock-based compensation(2)	519		176		1,145		396
Total stock-based compensation cost	$	18,759	$	24,347	$	37,146	$	40,751

(1)The six months ended June 30, 2025 includes $3.0 million of stock-based compensation expense as a result of accelerated vesting of outstanding RSUs for former board members.