v3.26.1
Stock-Based Compensation Plans (Tables)
12 Months Ended
May 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount The Company recognized stock-based compensation associated with the 2022 and 2024 Plans as follows (in thousands):
May 31, 2026May 31, 2025May 31, 2024
Services cost of revenue$3,202 $2,936 $1,955 
Data center rental and other cost of revenue519 $— $— 
Selling, general, and administrative
216,402 18,094 15,153 
Capitalized (1)
5,012 1,465 207 
Total stock-based compensation
$225,135 $22,495 $17,315 
(1)Capitalized to CIP in the consolidated balance sheets.
Schedule of Share-Based Payment Arrangement, Restricted Stock Awards and Restricted Stock Unit, Activity
The following is a summary of the activity and balances for unvested restricted stock awards outstanding:
Number of SharesWeighted Average Grant Date Fair Value Per Share
Outstanding as of June 1, 2025
271,444 $3.55 
Granted— — 
Vested(235,722)3.52 
Forfeited— — 
Outstanding as of May 31, 2026
35,722 $3.73 
The following is a summary of the activity and balances for unvested restricted stock units outstanding:
Number of SharesWeighted Average Grant Date Fair Value Per Share
Outstanding as of June 1, 2025
6,659,830 $6.56 
Granted6,301,840 26.41 
Vested(4,464,156)8.85 
Forfeited(531,681)8.42 
Outstanding as of May 31, 2026
7,965,833 $20.87 
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
The fair value of the PSUs was calculated on the grant date using a Monte Carlo simulation model. The estimated fair value at grant date was based on the following significant inputs:
January 6, 2026
Valuation date stock price$30.26
Simulation term5.0 years
Expected volatility100.62 %
Risk-free rate3.69 %
Dividend yield— %
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award
The following is a summary of the activity and balances for unvested performance stock units outstanding:
Number of Shares Weighted Average Grant Date Fair Value Per Share
Outstanding as of June 1, 2025
7,207,500 $6.59 
Awarded7,485,000 29.42 
Vested— — 
Forfeited(306,250)7.23 
Outstanding as of May 31, 2026
14,386,250 $18.45