v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3 - Revenue
Disaggregation of Revenue
The Company recognizes revenue classified in hardware at a point in time, and revenue classified in cloud and other services either at a point in time or over time. Revenue by point in time and over time was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Hardware revenue recognized at a point in time
$54,119 $70,295 $164,712 $139,969 
Cloud and other services revenue recognized at a point in time
359 237 987 851 
Cloud and other services revenue recognized over time
125,632 32,790 207,817 62,014 
Total revenue
$180,110 $103,322 373,516 202,834 
Revenue recognized during the six months ended June 30, 2026 and 2025 that was included in deferred revenue as of December 31, 2025 and December 31, 2024 was $69.8 million and $27.3 million, respectively.
During the three and six months ended June 30, 2026, the Company recognized $44.3 million and $46.3 million, respectively, as a reduction in revenue related to the amortization of the customer warrant assets in the condensed consolidated statements of operations, in proportion to the amount of related revenues recognized. Refer to Note 12 - Common Stock for further discussion. The remaining balance of the customer warrant assets as of June 30, 2026 will be recorded as a reduction in revenue in the consolidated statement of operations through October 2031.
Significant Customers
Customers that each accounted for 10% or more of our total revenues were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customer A(1)
34 %70 %49 %47 %
Customer B
32 %*20 %*
Customer C
10 %***
Customer D(1)
*18 %10 %41 %
_____________
(1)    Customer A and Customer D are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures.
*Percentage was less than 10%
Customers that each accounted for 10% or more of accounts receivable balances as of the periods presented are as follows:
June 30, 2026December 31, 2025
Customer A(1)
*78 %
Customer B
57 %*
Customer C**
Customer D(1)
19 %*
______________
(1)    Customer A and Customer D are considered related parties with respect to each other as defined by ASC 850, Related Party Disclosures.
*Percentage was less than 10%
OpenAI Collaboration
In December 2025, the Company entered into a Master Relationship Agreement (the “MRA”) with OpenAI OpCo, LLC (“OpenAI”) to provide 750MW of AI inference compute capacity that OpenAI is contractually committed to purchase (the “Committed Capacity”) and related services over a multi-year term. The MRA includes (i) a services arrangement pursuant to which the Company will provide the Committed Capacity and related services over a term of three or four years that is extendable by OpenAI to a maximum of five years in total, (ii) a secured promissory note of approximately $1.0 billion (the “Working Capital Loan”) funded by OpenAI in January 2026 to support the build-out of infrastructure and related capabilities required to deliver such services, and (iii) a warrant to purchase shares of the Company’s Class N common stock. Refer to Note 10 - Debt and Note 12 - Common Stock for further discussion. For the three and six months ended June 30, 2026, the Company recognized revenue of $56.8 million and $74.4 million, respectively, under the arrangement, which is net of amortization of the customer warrant asset of $2.5 million and $3.3 million, respectively. In addition to the Committed Capacity, OpenAI has the option to purchase an additional 1.25GW of AI inference compute capacity (the “Additional Capacity”) for deployment in tranches by the end of 2030 for up to a total of 2.0GW.
Remaining Performance Obligation
Revenue allocated to remaining performance obligations that are unsatisfied (or partially unsatisfied), which includes deferred revenue and amounts that are expected to be invoiced and recognized as revenue in future periods, was $25.4 billion as of June 30, 2026. A significant amount of the balance was attributable to the Company’s obligations pursuant to the MRA with OpenAI.
The Company expects to recognize approximately 22% of this revenue over the initial 24 months ending June 30, 2028, 43% between months 25 and 48, and to recognize the remaining balance thereafter. However, time periods for revenue recognition may vary from the foregoing due to changes in timing of delivery at the customer’s request or otherwise.
The arrangement with OpenAI includes variable consideration related to pass-through costs that are included in the transaction price. These pass-through costs primarily relate to data centers consisting of fixed monthly data center rental costs, leasehold improvements, security and other variable monthly lease costs such as power and other utilities in connection with the delivery of the Committed Capacity. Amounts related to these pass-through costs are included in the transaction price and remaining performance obligations for Committed Capacity associated with data center arrangements for which the related right-of-use assets and lease liabilities were recognized as of June 30, 2026. Pass-through costs associated with the remaining Committed Capacity are excluded from remaining performance obligations because the related consideration is subject to factors outside the Company’s control which involve significant amounts that will be determined over the remaining years of the MRA. Revenue related to pass-through costs will be recognized as the underlying Committed Capacity is delivered and is reported on a gross basis.