Leases

6 Months Ended

Jun. 30, 2026

Note 15 - Leases

Our lease obligations primarily consist of operating leases for our headquarters’ campus and domestic and international offices and data centers, with lease periods expiring between fiscal years 2027 and 2037.

Lease costs included in the measurement of lease obligations and other information related to non-cancelable operating leases were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	31,991	$	3,930	$	55,641	$	7,856
Short-term lease costs(1)	37,572		22,007		54,586		30,266
Variable lease costs	2,135		—		4,781		—
Total lease costs	$	71,698	$	25,937	$	115,008	$	38,122

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(1)Short-term lease costs on leases with terms of over one month and less than one year.

The weighted-average remaining lease terms and discount rates were as follows:


Other information	June 30, 2026		December 31, 2025
Weighted-average remaining lease term (in years)	5.5		4.7
Weighted-average discount rate	7.2	%	8.6	%

As of June 30, 2026, future minimum lease payments of the Company’s operating lease liabilities were due as follows (in thousands):


June 30, 2026	Operating Leases
2026 (remaining 6 months)	$	58,153
2027	132,394
2028	123,660
2029	126,323
2030	123,261
Thereafter	126,513
Total future lease payments	690,304
Less: Imputed interest	(121,477)
Present value of operating lease liabilities	$	568,827

Supplemental cash flow information related to leases was as follows (in thousands):


	Six Months Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	27,904	$	8,355
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	318,429	$	—

Leases Not Yet Commenced

In the three months ended June 30, 2026, the Company executed non-cancelable lease agreements for additional data center capacity with lease commencement dates in 2026. As of June 30, 2026, the leases had not commenced and therefore are not reflected in the consolidated balance sheets. The Company will recognize operating lease right-of-use assets and corresponding lease liabilities at the commencement date based on the present value of lease payments over the respective lease terms. Aggregate undiscounted future minimum lease payments under these agreements total approximately $1.5 billion over the lease term.