v3.26.1
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Award, Performance Shares, Valuation Assumptions 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:
May 2026 Grant
Expected term of awards in years
2.6
Expected volatility
85%
Risk-free interest rate
4.01%
Expected dividend yield
0%
Schedule of Restricted Stock Units Activity
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).
Schedule of Unrecognized Compensation Cost And Weighted Average Period For Recognition
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 
Schedule of Share-based Compensation Arrangements by Share-based Payment Award
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,
2026202520262025
Cost of revenue$1,283 $941 $2,136 $2,323 
Colocation organizational and site startup costs4,302 4,638 8,526 7,590 
Selling, general and administrative12,655 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.
(2)Represents the amounts of stock-based compensation capitalized to property, plant, and equipment.