v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Revenue Disaggregation
Based on the information provided to and reviewed by the Company’s Chief Executive Officer (“CEO”), its chief operating decision maker (“CODM”), the Company believes that the nature, amount, timing and uncertainty of its revenue and cash flows and how they are affected by economic factors is most appropriately depicted based on the category of its customers. Customers are classified in categories based on the amount of their spend in a given month and individual customers may fall within different categories within a reporting period.
The Company classifies its customers into the following annual run-rate revenue (“ARR”) categories (customer spend in a month in whole dollars):
•Digital Native Enterprise (“DNE”) Customers: users that spend more than $500 in a month. DNE Customers include the following categories:
◦Above $6K and under $100K Customers: users that spend more than $500 and less than or equal to $8,333 in a month.
◦Above $100K and under $500K Customers: users that spend more than $8,333 and less than or equal to $41,667 in a month.
◦Above $500K and under $1M Customers: users that spend more than $41,667 and less than or equal to $83,333 in a month.
◦Above $1M Customers: users that spend more than $83,333 in a month.
•Developers: users that spend less than or equal to $500 in a month, except users that spend less than or equal to $50 in a month and have been on the Company’s platform for three months or less.
Revenue by customer ARR category, as determined based on the customers’ spend in a given month, was as follows:
Three Months Ended September 30,
20262025
Amount
Percentage of Revenue(2)
Amount
Percentage of Revenue(2)
Above $6K and under $100K Customers(1)
$90,898 28 %$81,832 36 %
Above $100K and under $500K Customers(1)
26,618 8 %23,105 10 %
Above $500K and under $1M Customers(1)
8,760 3 %7,624 3 %
Above $1M Customers(1)
96,547 30 %25,884 11 %
Digital Native Enterprise Customers(1)
$222,823 69 %$138,445 60 %
Developers and other(1) (3)
98,369 31 %91,189 40 %
Total$321,192 100 %$229,634 100 %
Nine Months Ended September 30,
20262025
Amount
Percentage of Revenue(2)
Amount
Percentage of Revenue(2)
Above $6K and under $100K Customers(1)
$265,187 31 %$236,958 36 %
Above $100K and under $500K Customers(1)
77,259 9 %67,223 10 %
Above $500K and under $1M Customers(1)
25,226 3 %21,878 3 %
Above $1M Customers(1)
206,945 24 %62,882 10 %
Digital Native Enterprise Customers(1)
$574,617 67 %$388,941 59 %
Developers and other(1) (3)
285,664 33 %270,096 41 %
Total$860,281 100 %$659,037 100 %
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(1) Beginning in the fourth quarter of 2025, the Company revised its customer category naming and classification. Prior periods have been recast to reflect the effects of these changes.
(2) May not recalculate due to rounding.
(3) Beginning in the fourth quarter of 2025, Developers and other include revenue from users that spend less than or equal to $500 in a given month, revenue from certain legacy Bare Metal CPU offerings, miscellaneous revenue and other reserve adjustments. Prior periods have been recast to reflect the effect of this change.
Geographical Information
Revenue, as determined based on the Company’s customers’ billing addresses, was as follows:
Three Months Ended September 30,
20262025
Amount
Percentage of Revenue (1)
Amount
Percentage of Revenue (1)
North America$157,484 49 %$91,244 40%
Europe63,479 20 %61,897 27%
Asia72,590 23 %52,253 23%
Rest of the world
27,639 8%24,240 10%
Total$321,192 100 %$229,634 100%
Nine Months Ended September 30,
20262025
Amount
Percentage of Revenue (1)
Amount
Percentage of Revenue (1)
North America$401,224 47 %$248,741 38 %
Europe188,105 22 %180,032 27 %
Asia192,109 22 %154,021 23 %
Rest of the world
78,843 9 %76,243 12 %
Total$860,281 100 %$659,037 100 %
___________________________
(1) May not recalculate due to rounding.
Revenue derived from customers in the United States was 45% and 40% of total revenue for the three and nine months ended September 30, 2026, respectively, and 34% and 32% of total revenue for the three and nine months ended September 30, 2025, respectively.
Deferred Revenue
Deferred revenue was $52,707 and $5,882 as of September 30, 2026 and December 31, 2025, respectively. Revenue recognized during the three months ended September 30, 2026 and 2025 was $344 and $325, respectively, and $3,064 and $3,210 during the nine months ended September 30, 2026 and 2025, respectively, which was included in the deferred revenue balances at the beginning of each respective period. Subsequent to September 30, 2026, the Company received $107,433 in cash from a customer that will be recorded as deferred revenue and recognized over the contract term.
Remaining Performance Obligations
The Company has performance obligations associated with commitments in customer contracts for future services that have not yet been recognized in the condensed consolidated financial statements. As of September 30, 2026, the aggregate transaction price allocated to the remaining performance obligations, which includes contracts with expected term of one year or less, was $799,707 with a weighted-average life of 3.7 years. As of September 30, 2026, the Company expects to recognize $345,111 of its remaining performance obligations as revenue over the next 12 months, with the remainder recognized thereafter over the remaining life of the contracts.
Concentration of Credit Risk
The amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, marketable securities, restricted cash, and trade accounts receivable are exposed to concentrations of credit risk. Although the Company maintains cash and cash equivalents with multiple financial institutions, the deposits, at times, may exceed federally insured limits. The Company believes that the financial institutions that hold its cash and cash equivalents are financially sound and, accordingly, minimal credit risk exists with respect to these balances. The Company’s customer base consists of a significant number of geographically dispersed customers.