0001517413-26-000053 | 10-K | XBRL Viewer

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Stockholders' Equity - PSUs (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 117,323	$ 107,930	$ 136,303
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3,900	$ 3,500	$ 4,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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+ Details

Stockholders' Equity - Stock Options (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax intrinsic value	$ 2,100	$ 1,900	$ 3,100
Vesting of early exercised stock options	1,700	1,900	2,100
Stock-based compensation expense	117,323	107,930	136,303
Unrecognized stock-based compensation cost	2,700
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,700	$ 1,900	$ 2,100
Weighted-average period of recognition	1 year 7 months 6 days
Stock options \| 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Award vesting period	4 years
Stock options \| 2011 Equity Incentive Plan \| First Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage	25.00%
Stock options \| 2011 Equity Incentive Plan \| Remaining Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	36 months

Revenue - Narrative (Details) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) $ in Thousands	Dec. 31, 2025 USD ($) product_line	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Number of product lines \| product_line	3
Revenue, performance obligation, description of payment terms	The Company’s payment terms and conditions vary by contract type, and generally range from 30 to 90 days
Amortization of deferred contract costs \| $	$ 19,369	$ 18,623	$ 15,548

Stockholders' Equity - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 117,323	$ 107,930	$ 136,303
Share-based payment arrangement, amount capitalized	7,400	10,300	10,100
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	10,137	8,644	11,656
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	44,453	33,606	47,827
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	32,971	29,061	33,703
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 29,762	$ 36,619	$ 43,117

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (121,677)	$ (158,058)	$ (133,088)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	61,031	54,037	51,602
Amortization of intangible assets	16,821	19,599	20,424
Non-cash lease expense	22,445	22,474	22,678
Amortization of debt discount and issuance costs	906	1,377	2,476
Amortization of deferred contract costs	19,369	18,623	15,548
Stock-based compensation	117,323	107,930	136,303
Deferred income taxes	1,433	1,793	(900)
Provision for credit losses	4,181	3,834	2,025
Loss on disposals of property and equipment	186	540	505
Accretion of discounts on investments	(4,703)	(3,973)	(646)
Impairment of operating lease right-of-use assets	0	371	744
Impairment expense	415	4,144	4,316
Net gain on extinguishment of debt	(941)	(1,365)	(52,416)
Other adjustments	549	(814)	648
Changes in operating assets and liabilities:
Accounts receivable, net	(6,222)	676	(32,945)
Prepaid expenses and other current assets	1,579	(7,627)	8,709
Other assets	(19,545)	(11,869)	(23,137)
Accounts payable	4,489	611	382
Accrued expenses	(447)	(2,922)	(7,856)
Operating lease liabilities	(20,707)	(26,541)	(22,074)
Other liabilities	17,959	(6,434)	7,064
Net cash provided by operating activities	94,444	16,406	362
Cash flows from investing activities:
Purchases of marketable securities	(389,837)	(155,099)	(132,233)
Sales of marketable securities	25,936	0	25,625
Maturities of marketable securities	197,176	371,189	433,767
Advance payment for purchase of property and equipment	0	(790)	0
Purchases of property and equipment	(28,694)	(10,330)	(10,976)
Proceeds from sale of property and equipment	44	24	49
Capitalized internal-use software	(17,657)	(26,094)	(21,292)
Net cash (used in) provided by investing activities	(213,032)	178,900	294,940
Cash flows from financing activities:
Proceeds from issuance of convertible notes	180,000	0	0
Payments of issuance costs for convertible notes	(5,924)	(5,729)	0
Cash paid for debt extinguishment	(148,875)	0	(310,540)
Payments for purchase of capped calls	(18,162)	0	0
Repayments of finance lease liabilities	(2,328)	(14,958)	(27,175)
Payment of deferred consideration for business acquisitions	0	(3,771)	(4,393)
Proceeds from exercise of vested stock options	1,044	1,115	2,169
Proceeds from employee stock purchase plan	7,006	6,244	8,559
Net cash (used in) provided by financing activities	12,761	(17,099)	(331,380)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	215	(103)	608
Net increase (decrease) in cash, cash equivalents, and restricted cash	(105,612)	178,104	(35,470)
Cash, cash equivalents, and restricted cash at beginning of period	286,175	108,071	143,541
Cash, cash equivalents, and restricted cash at end of period	180,563	286,175	108,071
Supplemental disclosure of cash flow information:
Cash paid for interest	11,571	527	1,574
Cash paid for income taxes, net of refunds received	1,337	809	331
Cash paid for finance lease interest	15	378	1,329
Noncash investing and financing activities:
Property and equipment additions not yet paid in cash or financed	7,701	983	640
Capitalized stock-based compensation	7,270	9,716	9,975
Assets obtained in exchange for operating lease obligations	7,128	8,543	5,769
Net noncash change in operating lease assets and liabilities associated with modifications and terminations	16,245	10,439	(4,425)
Deployments of prepaid capital equipment	9,247	14,598	8,665
Debt issued in exchange for extinguishment of existing notes	0	155,730	0
Debt retired in exchange for issuance of new notes	0	(157,095)	0
Reconciliation of cash, cash equivalents, and restricted cash as shown in the statements of cash flows
Cash and cash equivalents	180,563	286,175	107,921
Restricted cash	0	0	150
Total cash, cash equivalents, and restricted cash	$ 180,563	$ 286,175	$ 108,071

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
2026	$ 9,064
2027	9,051
2028	6,891
2029	378
2030	281
Thereafter	106
Net carrying value	$ 25,771	$ 42,876

Debt Instruments - Redemption Rights of the Notes (Narrative) (Details) - Convertible Debt	12 Months Ended
	Dec. 31, 2025 day
2026 And 2030 Convertible Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
2026 Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	100.00%
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
2030 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
Debt instrument, convertible, period of noticed required	35 days

Balance Sheet Information

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Information

Allowance for Credit Losses

The activity in the accounts receivable reserves is as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	8,254	$	7,054	$	5,029
Additions to the reserves	4,181		3,834		2,025
Write-offs and adjustments	(6,173)		(2,634)		—
Ending balance	$	6,262	$	8,254	$	7,054

Revenue Reserve

The activity in the revenue reserve is as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	5,130	$	4,296	$	2,449
Additions to the reserves	10,052		834		1,847
Write-offs and adjustments	(7,420)		—		—
Ending balance	$	7,762	$	5,130	$	4,296

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Computer and networking equipment	$	278,181	$	237,148
Leasehold improvements	8,181		8,139
Furniture and fixtures	2,430		2,153
Office equipment	1,232		1,218
Internal-use software	148,419		123,849
Property and equipment, gross	438,443		372,507
Accumulated depreciation and amortization	(251,658)		(193,410)
Property and equipment, net	$	186,785	$	179,097

The Company did not recognize any material impairment charge during the year ended December 31, 2025,

During the year ended December 31, 2024, the Company recognized an impairment charge of $2.8 million related to equipment and an internal-use software project that the Company did not plan to continue with and therefore abandoned.

During the year ended December 31, 2023, the Company recognized an impairment charge of $4.3 million, of which $3.0 million related to property and equipment, net and $1.3 million related to advance payments for the purchase of property and equipment. The write-off was primarily related to excess computer and networking equipment including software the

Company did not expect to use and therefore abandoned. Impairment charges are included within impairment expense in the consolidated statements of operations.

Depreciation on property and equipment for the years ended December 31, 2025, 2024 and 2023 was $61.0 million, $54.0 million, and $51.6 million, respectively. Included in these amounts was amortization expense for capitalized internal-use software costs of $22.6 million, $17.0 million and $14.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the unamortized balance of capitalized internal-use software costs on the Company’s consolidated balance sheets was approximately $81.4 million and $79.5 million, respectively.

Other Assets

Other assets consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Deferred contract costs, net	$	47,586	$	52,583
Advance payment for purchase of property and equipment	—		9,837
Other assets	10,203		5,982
Total other assets	$	57,789	$	68,402

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Prepaid expenses	$	16,737	$	22,455
Other current assets	10,184		5,870
Total	$	26,921	$	28,325

Accrued Expenses

Accrued expenses consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Accrued compensation and related benefits	$	46,611	$	19,266
Accrued colocation and bandwidth costs	13,944		15,317
Other tax liabilities	4,800		4,266
Other accrued expenses	5,314		2,773
Total accrued expenses	$	70,669	$	41,622

Other Current Liabilities

Other current liabilities consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Accrued computer and networking equipment	$	413	$	743
Customer deposits	6,115		1,213
Other current liabilities	971		840
Total other current liabilities	$	7,499	$	2,796

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Sublease income	$ 0.8	$ 1.4	$ 1.2
Impairment of operating lease right-of-use assets		1.7	$ 0.7
Lease impairment, office facility exit costs		$ 1.3
Lease not yet commenced, commitment amount	$ 9.1
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms, operating (in years)	1 year
Subleases, remaining lease terms (in years)	1 year
Lease not yet commenced, term of contract	2 years
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms, operating (in years)	9 years
Subleases, remaining lease terms (in years)	4 years
Lease not yet commenced, term of contract	5 years

Restructuring Charges	12 Months Ended
Restructuring Charges	Dec. 31, 2025
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges During the year ended December 31, 2024, in an effort to streamline its organization, the Company initiated a restructuring plan to reduce expenses including a reduction of the Company’s workforce. In connection with this plan, the Company incurred charges of $9.7 million primarily consisting of employee-related severance and termination benefits. These charges are included within the restructuring charges line in the Company's consolidated statements of operations. The plan was completed by December 31, 2025 with no remaining unpaid balances, as the plan was materially paid out by December 31, 2024.

Stockholders' Equity - Fair Value Assumptions - ESPP (Details) - Shares issuable pursuant to the ESPP - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.75%	4.45%	4.65%
Risk-free interest rate, maximum	4.33%	5.40%	5.43%
Expected volatility, minimum	70.00%	54.00%	70.00%
Expected volatility, maximum	82.00%	93.00%	88.00%
Dividend yield	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 2.81	$ 2.33	$ 3.33
Expected term (in years)	5 months 26 days	5 months 26 days	5 months 26 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of common stock (in dollars per share)	$ 3.80	$ 3.56	$ 6.09
Expected term (in years)	6 months	6 months	6 months

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 670,356,000	$ 670,356,000
Goodwill, impairment loss	0	0	$ 0
Amortization of intangible assets	16,821,000	19,599,000	20,424,000
Payments to acquire intangible assets	$ 0	0	0
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]	Impairment expense
Impairment of intangible assets	$ 300,000	$ 0	$ 0

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
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- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Summary of Significant Accounting Policies - Incremental Costs to Obtain a Contract With Customer (Details)	Dec. 31, 2025
Customer Arrangement
Capitalized Contract Cost [Line Items]
Capitalized contract cost, useful life (in years)	5 years

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits:
Balance at beginning of year	$ 26,003	$ 23,245
Increases related to prior year tax positions	12	0
Decreases related to prior year tax positions	0	(39)
Increases related to current year tax positions	1,812	2,797
Balance at end of year	$ 27,827	$ 26,003

Income Taxes - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Beginning balance	$ 279,204	$ 245,476	$ 208,215
Additions charged to expenses	24,081	33,728	37,261
Ending balance	$ 303,285	$ 279,204	$ 245,476

Summary of Significant Accounting Policies - Accounting for Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2025
Minimum
Disaggregation of Revenue [Line Items]
Requisite service period (in years)	3 years
Maximum
Disaggregation of Revenue [Line Items]
Requisite service period (in years)	4 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Investments and Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	$ 180,563	$ 286,175	$ 107,921
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Gross Unrealized Gain	66	3
Gross Unrealized Loss	(2)	0
Marketable securities:	181,196	9,707
Amortized Cost	361,695	295,879
Fair Value	361,759	295,882
Level 2: \| U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	8,290
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	64,273
Gross Unrealized Gain	27
Gross Unrealized Loss	0
Fair Value	64,300
Marketable securities:	56,010
Level 2: \| Corporate notes and bonds
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	4,570	0
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	50,942	6,005
Gross Unrealized Gain	19	3
Gross Unrealized Loss	0	0
Fair Value	50,961	6,008
Marketable securities:	46,391	6,008
Level 2: \| Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	33,928	0
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	111,706	3,699
Gross Unrealized Gain	20	0
Gross Unrealized Loss	(2)	0
Fair Value	111,724	3,699
Marketable securities:	77,796	3,699
Level 2: \| Municipal Securities
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	1,600
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	1,600
Gross Unrealized Gain	0
Gross Unrealized Loss	0
Fair Value	1,600
Marketable securities:	0
Level 2: \| Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	400
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Amortized Cost	1,399
Gross Unrealized Gain	0
Gross Unrealized Loss	0
Fair Value	1,399
Marketable securities:	999
Cash
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	87,743	52,951
Cash and cash equivalents, fair value	87,743	52,951
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Marketable securities:	0	0
Money market funds \| Level 1:
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents	44,032	233,224
Cash and cash equivalents, fair value	44,032	233,224
Debt Securities, Available-for-Sale, Amortized Cost [Abstract]
Marketable securities:	$ 0	$ 0

Stockholders' Equity - Equity Awards Modification (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Equity Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modification expense	$ 0.0	$ 0.0	$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of Revenue

Revenue by geography is based on the billing address of the customer. Aside from the United States, no other single country accounted for more than 10% of revenue for the years ended December 31, 2025, 2024 and 2023. The following table presents the Company’s net revenue by geographic region:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
United States	$	465,450	$	407,324	$	370,424
All other countries	158,568		136,352		135,564
Total revenue	$	624,018	$	543,676	$	505,988

The Company reports its revenue by three product lines: Network Services, Security, and Other. Network Services include solutions designed to improve performance of websites, apps, application programming interfaces (“APIs”), and digital media. Security includes products designed to protect websites, apps, APIs and users. Other includes Compute solutions that allow developers to build and deploy modern web applications on Fastly's edge cloud platform and Observability solutions that provide real-time logs, data, and metrics streamed from Fastly's edge platform for actionable insights. The following table presents the Company’s revenue by product line:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Network Services	$	477,774	$	427,690	$	405,116
Security	125,061		103,037		92,864
Other	21,183		12,949		8,008
Total revenue	$	624,018	$	543,676	$	505,988

Contract Balances

The timing of revenue recognition may differ from the timing of invoicing to customers. The Company’s payment terms and conditions vary by contract type, and generally range from 30 to 90 days.

Contract assets are recognized when a conditional right to consideration exists and transfer of control has occurred. The Company records a contract asset, or unbilled receivable, when revenue is recognized prior to invoicing. Contract assets are typically related to the Company's subscription services and cloud usage. Contract assets are included in accounts receivable, net on the Company's Consolidated Balance Sheets.

The Company records a contract liability, or deferred revenue, when a contract is billed to customers in advance of revenue being recognized. Deferred revenue primarily consists of the unearned portions of billings for the Company’s security subscription services and the unearned portion of committed edge cloud platform usage. Contract liabilities are included in deferred revenue for the current portion and other long term liabilities for the long-term portion on the Consolidated Balance Sheets.

The following table presents the Company’s contract assets and contract liabilities as of December 31, 2025 and 2024:


	As of December 31, 2025		As of December 31, 2024
	(in thousands)
Contract assets	$	1,668	$	1,072
Contract liabilities	$	40,819	$	29,585

The following table presents revenue recognized during the years ended December 31, 2025 and 2024 from amounts included in the contract liability at the beginning of the period:


	Year ended December 31,
	2025		2024
	(in thousands)
Revenue recognized in the period from amounts included in contract liability at the beginning of the period	$	27,097	$	33,719

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents deferred revenue and amounts that were and will be invoiced and recognized as revenue in future periods for non-cancelable subscription arrangements and usage commitments. The Company’s RPO excludes performance obligations from on-demand arrangements when there are no minimum purchase commitments associated with these arrangements.

As of December 31, 2025, the aggregate amount of the transaction price in our contracts allocated to remaining performance obligations that are unsatisfied or partially unsatisfied was $353.8 million. This amount includes future committed revenue for periods within current contracts with customers, as well as deferred revenue arising from consideration invoiced for which the related performance obligations have not been satisfied. As of December 31, 2025, the Company expects to recognize approximately 70% of its remaining performance obligations over the next 12 months. The Company’s typical contractual term with its customers is one year, although terms may vary by contract.

Costs to Obtain a Contract

As of December 31, 2025 and December 31, 2024, the Company’s costs to obtain contracts were as follows:


	As of December 31, 2025		As of December 31, 2024
	(in thousands)
Deferred contract costs, net	$	47,586	$	52,583

During the years ended December 31, 2025, 2024 and 2023, the Company recognized $19.4 million, $18.6 million and $15.5 million of amortization related to deferred contract costs, respectively. These costs are recorded within sales and marketing expenses on the accompanying consolidated statements of operations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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+ Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Schedule of Stock Option Activity

The following table summarizes stock option activity during the year ended December 31, 2025:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Outstanding at December 31, 2024	2,364	$	8.60	4.3	$	7,592
Granted	—	—
Exercised	(388)	2.64
Forfeited	(234)	4.49
Outstanding at December 31, 2025	1,742	$	10.47	4.4	$	4,256
Vested and exercisable at December 31, 2025	1,479	$	9.41	3.8	$	4,256

Schedule of RSU, PSU, MPSUs Activity

The following table summarizes RSU activity during the years ended December 31, 2025:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested RSUs as of December 31, 2024	11,982	$	13.06
Granted	12,840	6.52
Vested	(7,833)	11.95
Cancelled/forfeited	(2,988)	10.38
Nonvested RSUs as of December 31, 2025	14,001	$	8.25


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested executive PSUs as of December 31, 2024	1,089	$	13.21
Granted	1,901	6.89
Vested	(172)	14.82
Cancelled/forfeited	(1,373)	10.71
Nonvested executive PSUs as of December 31, 2025	1,445	$	7.08


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested MPSUs as of December 31, 2024	1,313	$	6.45
Granted	—	—
Vested	—	—
Cancelled/forfeited	(978)	6.39
Nonvested MPSUs as of December 31, 2025	335	$	6.63


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested rTSR PSUs as of December 31, 2024	—	$	—
Granted	372	14.05
Vested	—	—
Cancelled/forfeited	(109)	13.47
Nonvested rTSR PSUs as of December 31, 2025	263	$	14.30

Schedule of Employee Stock Purchase Plan Valuation Assumptions

The Company estimated the fair value of shares granted under the ESPP on the first date of the offering period using the Black-Scholes option pricing model with the following assumptions:

Year ended December 31,

2025

2024

2023

Fair value of common stock

$2.81 – $3.80

$2.33 – $3.56

$3.33 – $6.09

Expected term (in years)

0.49 – 0.50

Risk-free interest rate

3.75% – 4.33%

4.45% – 5.40%

4.65% – 5.43%

Expected volatility

70% – 82%

54% – 93%

70% – 88%

Dividend yield

—

Schedule of Stock-Based Compensation Expense

The following table summarizes the components of total stock-based compensation expense included in the accompanying consolidated statements of operations:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Cost of revenue	$	10,137	$	8,644	$	11,656
Research and development	44,453		33,606		47,827
Sales and marketing	32,971		29,061		33,703
General and administrative	29,762		36,619		43,117
Total	$	117,323	$	107,930	$	136,303

Summary of Significant Accounting Policies - Internal-Use Software Development Costs (Details) - Internal-use software	Dec. 31, 2025
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	5 years

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (126,278)	$ (161,398)	$ (137,240)
Foreign	7,089	5,944	3,931
Loss before income tax expense (benefit)	$ (119,189)	$ (155,454)	$ (133,309)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Stockholders' Equity - Relative Total Shareholder Return Award PSUs ("rTSR PSUs") (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 117,323	$ 107,930	$ 136,303
rTSR PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount (in thousands)
US federal statutory tax rate	$ (25,030)	$ (32,645)	$ (27,995)
State and local income taxes, net of federal income tax effect	(543)	(519)	(985)
Effect of cross-border tax laws	678	52	0
Research and development credits	(4,985)	(8,671)	(18,444)
Stock-based compensation awards	7,582	10,492	4,824
Disallowed executive compensation	1,784	2,483	3,922
Other, nontaxable or nondeductible items	586	695	517
Changes in unrecognized tax benefits	1,824	2,757	5,909
Income tax expense (benefit)	$ 2,488	$ 2,604	$ (221)
Percent
US federal statutory tax rate	21.00%	21.00%	21.00%
State and local income taxes, net of federal income tax effect	0.50%	0.30%	0.70%
Effect of cross-border tax laws	(0.60%)	(0.10%)	0.00%
Research and development credits	4.20%	5.60%	13.80%
Stock-based compensation awards	(6.40%)	(6.70%)	(3.60%)
Disallowed executive compensation	(1.50%)	(1.60%)	(2.90%)
Other, nontaxable or nondeductible items	(0.50%)	(0.40%)	(0.40%)
Changes in unrecognized tax benefits	(1.50%)	(1.80%)	(4.40%)
Total	(2.10%)	(1.70%)	0.20%
United Kingdom:
Amount (in thousands)
Change in valuation allowance	$ 0	$ 0	$ (2,080)
Other adjustments	$ 685	$ 1,160	$ 197
Percent
Change in valuation allowance	0.00%	0.00%	1.60%
Other adjustments	(0.60%)	(0.70%)	(0.10%)
Other foreign jurisdictions
Amount (in thousands)
Other foreign jurisdictions	$ 280	$ 125	$ 504
Percent
Other foreign jurisdictions	(0.20%)	(0.10%)	(0.40%)
United States
Amount (in thousands)
Change in valuation allowance	$ 19,627	$ 26,675	$ 33,410
Percent
Change in valuation allowance	(16.50%)	(17.20%)	(25.10%)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Commitments

Aside from the Company’s finance and operating lease commitments, including its colocation operating commitments, which have been disclosed in Note 6—Leases, the minimum future commitments related to the Company’s purchase commitments as of December 31, 2025 were as follows:


	Cost of Revenue Commitments		Operating Expense Commitments		Total Purchase Commitments
	(in thousands)
Year ending December 31,
2026	$	59,276	$	21,668	$	80,944
2027	17,556		13,994		31,550
2028	4,081		8,664		12,745
2029	18		—		18
2030	—		—		—
Total	$	80,931	$	44,326	$	125,257

Debt Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Interest expense	$ 12.6	$ 2.3	$ 2.7
Total estimated fair value of the notes	$ 379.5	$ 327.7

- Definition

Fair value portion of notes payable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

Balance Sheet Information - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 438,443	$ 372,507
Accumulated depreciation and amortization	(251,658)	(193,410)
Property and equipment, net	186,785	179,097
Computer and networking equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	278,181	237,148
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,181	8,139
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,430	2,153
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,232	1,218
Internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	148,419	123,849
Property and equipment, net	$ 81,400	$ 79,500

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		124,336
Beginning balance at Dec. 31, 2022	$ 955,158	$ 2	$ 1,666,106	$ (9,286)	$ (701,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of vested stock options (in shares)		291
Exercise of vested stock options	2,169		2,169
Vesting of restricted stock units (in shares)		6,150
Vesting of restricted stock units	1	$ 1
Shares issued under bonus program (in shares)		1,193
Shares issued under bonus program	$ 16,599		16,599
Shares issued under employee stock purchase program (in shares)	1,000	1,022
Shares issued under employee stock purchase program	$ 8,692		8,692
Stock-based compensation	121,679		121,679
Net loss	(133,088)				(133,088)
Other comprehensive (loss) income	8,278			8,278
Ending balance (in shares) at Dec. 31, 2023		132,992
Ending balance at Dec. 31, 2023	979,488	$ 3	1,815,245	(1,008)	(834,752)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of vested stock options (in shares)		292
Exercise of vested stock options	1,115		1,115
Vesting of restricted stock units (in shares)		5,886
Shares issued under bonus program (in shares)		1,889
Shares issued under bonus program	$ 26,849		26,849
Shares issued under employee stock purchase program (in shares)	1,000	1,027
Shares issued under employee stock purchase program	$ 6,714		6,714
Stock-based compensation	108,234		108,234
Net loss	(158,058)				(158,058)
Other comprehensive (loss) income	908			908
Ending balance (in shares) at Dec. 31, 2024		142,086
Ending balance at Dec. 31, 2024	$ 965,250	$ 3	1,958,157	(100)	(992,810)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of vested stock options (in shares)	388	388
Exercise of vested stock options	$ 1,044		1,044
Vesting of restricted stock units (in shares)		7,054
Shares issued under bonus program (in shares)		951
Shares issued under bonus program	$ 6,898		6,898
Shares issued under employee stock purchase program (in shares)	1,100	1,058
Shares issued under employee stock purchase program	$ 6,703		6,703
Purchases of capped calls	(18,162)		(18,162)
Stock-based compensation	89,463		89,463
Net loss	(121,677)				(121,677)
Other comprehensive (loss) income	59			59
Ending balance (in shares) at Dec. 31, 2025		151,537
Ending balance at Dec. 31, 2025	$ 929,578	$ 3	$ 2,044,103	$ (41)	$ (1,114,487)

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Lease Costs & Other Information

The components of lease cost were as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Operating lease cost:
Operating lease cost	$	26,809	$	26,581	$	26,996
Variable lease cost	20,546		17,003		15,112
Total operating lease cost	$	47,355	$	43,584	$	42,108
Finance lease cost:
Amortization of assets under finance lease	$	11,598	$	13,521	$	14,391
Interest	15		378		1,328
Total finance lease cost	$	11,613	$	13,899	$	15,719


	As of December 31,
	2025		2024		2023
	(in thousands)
Weighted Average Remaining Lease term (in years):
Operating leases	4.39		2.84		3.48
Finance leases	—		0.32		1.00
Weighted Average Discount Rate:
Operating leases	7.16	%	6.36	%	6.03	%
Finance leases	—	%	4.67	%	4.67	%

Schedule of Operating Lease Maturities

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


	Operating Leases
	(in thousands)
Year ending December 31,
2026	$	30,344
2027	21,670
2028	12,133
2029	6,559
2030	5,028
Thereafter	15,245
Total future minimum lease payments	$	90,979
Less: imputed interest	(13,526)
Total liability	$	77,453

Schedule of Finance Lease Maturity

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


	Operating Leases
	(in thousands)
Year ending December 31,
2026	$	30,344
2027	21,670
2028	12,133
2029	6,559
2030	5,028
Thereafter	15,245
Total future minimum lease payments	$	90,979
Less: imputed interest	(13,526)
Total liability	$	77,453

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share of Common Stock

The following table presents the computation of basic and diluted net loss per share of common stock:


	Year ended December 31,
	2025		2024		2023
	(in thousands, except per share amounts)
Net loss attributable to common stockholders	$	(121,677)	$	(158,058)	$	(133,088)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	146,902		138,099		128,770
Net loss per share attributable to common stockholders, basic and diluted	$	(0.83)	$	(1.14)	$	(1.03)

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following securities were excluded from the computation of diluted net loss per share of common stock for the periods presented as their effect would have been antidilutive:


	Number of Shares
	Year ended December 31,
	2025	2024	2023
	(in thousands)
Stock options	1,742	2,364	2,710
RSUs	14,001	11,982	11,244
PSUs	1,445	1,089	732
MPSUs	335	1,313	1,471
rTSR PSUs	263	—	—
Bonus PSUs	4,054	767	1,572
Shares issuable pursuant to the ESPP	571	70	410
Convertible senior notes (if-converted)	19,767	9,433	3,370
Total	42,178	27,018	21,509

Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic	$ (121,677)	$ (158,058)	$ (133,088)
Net loss attributable to common stockholders, diluted	$ (121,677)	$ (158,058)	$ (133,088)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	146,902	138,099	128,770
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	146,902	138,099	128,770
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.83)	$ (1.14)	$ (1.03)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.83)	$ (1.14)	$ (1.03)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Sales and use tax liability	$ 4.8	$ 4.3

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 624,018	$ 543,676	$ 505,988
Cost of revenue	267,815	247,738	239,660
Gross profit	356,203	295,938	266,328
Operating expenses:
Research and development	162,662	137,980	152,190
Sales and marketing	201,434	198,610	191,773
General and administrative	110,692	113,399	116,077
Impairment expense	415	4,144	4,316
Restructuring charges	0	9,720	0
Total operating expenses	475,203	463,853	464,356
Loss from operations	(119,000)	(167,915)	(198,028)
Net gain on extinguishment of debt	941	1,365	52,416
Interest income	12,290	14,871	18,186
Interest expense	(12,699)	(2,747)	(4,051)
Other expense, net	(721)	(1,028)	(1,832)
Loss before income tax expense (benefit)	(119,189)	(155,454)	(133,309)
Income tax expense (benefit)	2,488	2,604	(221)
Net loss	$ (121,677)	$ (158,058)	$ (133,088)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.83)	$ (1.14)	$ (1.03)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.83)	$ (1.14)	$ (1.03)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	146,902	138,099	128,770
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	146,902	138,099	128,770

Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Allowance for Doubtful Accounts

The activity in the accounts receivable reserves is as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	8,254	$	7,054	$	5,029
Additions to the reserves	4,181		3,834		2,025
Write-offs and adjustments	(6,173)		(2,634)		—
Ending balance	$	6,262	$	8,254	$	7,054

Schedule of Revenue Reserve

The activity in the revenue reserve is as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	5,130	$	4,296	$	2,449
Additions to the reserves	10,052		834		1,847
Write-offs and adjustments	(7,420)		—		—
Ending balance	$	7,762	$	5,130	$	4,296

Schedule of Property and Equipment, Net

The estimated useful life of each asset category is as follows:


Computer and networking equipment			3 to 5 years
Leasehold improvements			Shorter of lease term or 5 years
Furniture and fixtures			3 years
Office equipment			3 years
Internal-use software			3 to 5 years

Property and equipment, net consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Computer and networking equipment	$	278,181	$	237,148
Leasehold improvements	8,181		8,139
Furniture and fixtures	2,430		2,153
Office equipment	1,232		1,218
Internal-use software	148,419		123,849
Property and equipment, gross	438,443		372,507
Accumulated depreciation and amortization	(251,658)		(193,410)
Property and equipment, net	$	186,785	$	179,097

Schedule of Other Assets

Other assets consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Deferred contract costs, net	$	47,586	$	52,583
Advance payment for purchase of property and equipment	—		9,837
Other assets	10,203		5,982
Total other assets	$	57,789	$	68,402

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Prepaid expenses	$	16,737	$	22,455
Other current assets	10,184		5,870
Total	$	26,921	$	28,325

Schedule of Accrued Expenses

Accrued expenses consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Accrued compensation and related benefits	$	46,611	$	19,266
Accrued colocation and bandwidth costs	13,944		15,317
Other tax liabilities	4,800		4,266
Other accrued expenses	5,314		2,773
Total accrued expenses	$	70,669	$	41,622

Schedule of Other Current Liabilities

Other current liabilities consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Accrued computer and networking equipment	$	413	$	743
Customer deposits	6,115		1,213
Other current liabilities	971		840
Total other current liabilities	$	7,499	$	2,796

Stockholders' Equity - Equity Incentive Plans (Narrative) (Details)	12 Months Ended
	Dec. 31, 2025 plan shares	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans \| plan	5
Signal Sciences 2014 Equity Stock Options Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested stock options assumed (in shares)	251,754
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares available for future issuance (in shares)	5,800,000	6,900,000
Common stock, shares issued (in shares)	151,500,000	142,100,000
Common stock, shares outstanding (in shares)	151,500,000	142,100,000
2025 Employment Inducement Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares available for future issuance (in shares)	500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

As of December 31, 2025, the Company had long-term commitments for cost of revenue related agreements (i.e., bandwidth usage, peering and other managed services with various networks, fixed asset vendors, Internet service providers and other third-party vendors). The Company also has non-cost of revenue long-term commitments for various non-cancelable agreements.


	Cost of Revenue Commitments		Operating Expense Commitments		Total Purchase Commitments
	(in thousands)
Year ending December 31,
2026	$	59,276	$	21,668	$	80,944
2027	17,556		13,994		31,550
2028	4,081		8,664		12,745
2029	18		—		18
2030	—		—		—
Total	$	80,931	$	44,326	$	125,257

Sales and Use Tax

The Company conducts its operations in many tax jurisdictions throughout the United States. In some of these jurisdictions the Company is subject to indirect taxes, such as sales and use taxes, and may be subject to certain other taxes. In accordance with GAAP, the Company has recorded a provision for its tax exposure in these jurisdictions when it is both probable that a liability has been incurred and the amount of the exposure can be reasonably estimated. The Company has accrued $4.8 million and $4.3 million as of December 31, 2025 and 2024, respectively, for sales and use tax. These estimates are based on several key assumptions, including the taxability of the Company’s operations and the jurisdictions in which the Company believes it has nexus. In the event these jurisdictions challenge the Company’s assumptions and analysis, its actual exposure could differ materially from its current estimates.

Legal Matters

From time to time, the Company has been and may be subject to legal proceedings and claims. Such matters are subject to many uncertainties and outcomes are not predictable. The Company accrues for contingencies when it believes that a loss is probable and that the Company can reasonably estimate the amount of any such loss.

On May 24, 2024, a purported securities class action lawsuit was filed in the United States District Court for the Northern District of California, captioned Ken Kula v. Fastly, Inc., et al. (Case No. 4:24-cv-03170), naming the Company and certain of its officers as defendants. Motions for lead plaintiff were filed on July 23, 2024. On August 22, 2024, the court appointed lead plaintiff (“Lead Plaintiff”) and lead counsel. On November 1, 2024, Lead Plaintiff filed an amended complaint. The amended complaint alleges violations of Section 10(b) and 20(a) of the Exchange Act purportedly on behalf of all those who purchased or acquired Fastly securities between November 15, 2023 and August 7, 2024. The complaint seeks unspecified compensatory damages, and other relief. Defendants filed a motion to dismiss on January 15, 2025. Lead Plaintiff filed an opposition to the defendants’ motion to dismiss on March 17, 2025. Defendants filed a reply in support of the motion to dismiss on April 30, 2025. On September 24, 2025, the court issued an order granting in part and denying in part the motion to dismiss. On October 24, 2025, Lead Plaintiff filed a second amended complaint. On December 9, 2025, Defendants filed a motion to dismiss the second amended complaint. On January 26, 2026, Lead Plaintiff filed an opposition. Defendants filed a reply in support of the motion to dismiss the second amended complaint on February 19, 2026. A hearing is scheduled for April 30, 2026 on Defendants’ motion to dismiss the second amended complaint. It is possible that additional lawsuits will be filed, or allegations made by stockholders, regarding these same or other matters and also naming as defendants the Company and its officers and directors.

On June 12, 2024, certain of the Company’s officers and directors were named as defendants in a stockholder derivative action filed in the United States District Court for the Northern District of California, captioned Roy v. Nightingale, et al. (Case No. 3:24-cv-03549-JCS). On July 1, 2024, a stockholder derivative complaint was also filed against certain of the Company's officers and directors in the same court, captioned Steffens v. Nightingale et al. (Case No. 4:24-cv-03984-DMR). The derivative complaints are based on substantially similar allegations as those in the securities class action. The derivative complaints assert that defendants breached their fiduciary duties as directors and/or officers of the Company, as well as claims of unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, aiding and abetting, violations of

Section 14(a) of the Exchange Act, and contribution under Sections 10(b) and 21D of the Exchange Act. The court consolidated and stayed the derivative actions until after resolution of the Company’s motion(s) to dismiss in the above-referenced securities class action. On August 23, 2024, a substantially similar stockholder derivative complaint was filed against certain of the Company’s officers and directors in the United States District Court for the District of Delaware, captioned Sweitzer v. Nightingale, et al. (Case No. 1:24-cv-00969-GBW) (the “Sweitzer Action”). On September 26, 2024, the court stayed the Sweitzer Action until after resolution of the Company's motion(s) to dismiss in the above-referenced securities class action. On December 20, 2024, a substantially similar stockholder derivative complaint was filed against certain of the Company’s officers and directors in the Court of Chancery for the State of Delaware, captioned Bushansky v. Nightingale, et al. (Case No. 2024-1322) (the “Bushansky Action”). On January 8, 2025, the court stayed the Bushansky Action until after resolution of the Company’s motion(s) to dismiss in the above-referenced securities class action. It is possible that additional lawsuits will be filed, or allegations made by stockholders, regarding these same or other matters and also naming as defendants the Company and its officers and directors.

The Company is also party to various disputes that management considers routine and incidental to its business. Management does not expect the results of any of these routine actions to have a material effect on the Company's business, results of operations, financial conditions, or cash flows.

The pending lawsuits and any other related lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. The outcome of the pending lawsuits and any other related lawsuits is necessarily uncertain. The Company could be forced to expend significant resources in the defense of the pending lawsuits and any additional lawsuits, and it may not prevail. In addition, the Company may incur substantial legal fees and costs in connection with such lawsuits. The Company is not currently able to estimate the possible cost to it from these matters, as the pending lawsuits are currently at an early stage, and it cannot be certain how long it may take to resolve the pending lawsuits or the possible amount of any damages that it may be required to pay. Such amounts could be material to the Company's financial statements if the Company does not prevail in the defense against the pending lawsuits and any other related lawsuits, or even if it does prevail.

As of December 31, 2025, the Company has not recorded any significant accruals for loss contingencies associated with the above mentioned lawsuits as it does not believe an outcome resulting in a loss is probable. It will accrue for loss contingencies if it becomes both probable that it will incur a loss and if the Company can reasonably estimate the amount or range of the loss.

Indemnification

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these agreements, the Company agrees to indemnify, hold harmless, and reimburse the indemnified party for losses suffered or incurred by the indemnified party, generally the Company’s business partners or customers, in connection with its provision of its services. Generally, these obligations are limited to claims relating to infringement of a patent, copyright, or other intellectual property right, breach of the Company’s security or data protection obligations, or its negligence, willful misconduct, or violation of law. Subject to applicable statutes of limitation, the term of these indemnification agreements is generally for the duration of the agreement. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company carries insurance that covers certain third-party claims relating to the Company’s services and could limit its exposure in that respect.

The Company has agreed to indemnify each of its officers and directors during his or her lifetime for certain events or occurrences that happen by reason of the fact that the officer or director is, was, or has agreed to serve as an officer or director of the Company. The Company has director and officer insurance policies that may limit its exposure and may enable it to recover a portion of certain future amounts paid.

To date, the Company has not encountered material costs as a result of such indemnification obligations and has not accrued any related liabilities in its financial statements. In assessing whether to establish an accrual, the Company considers such factors as the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss.

Segment and Geographic Information - Schedule of Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 238,852	$ 229,530
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	168,887	169,285
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total long-lived assets	$ 69,965	$ 60,245

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 126,884	$ 128,884
Accumulated amortization	(101,113)	(86,008)
Net carrying value	25,771	42,876
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	69,100	69,860
Accumulated amortization	(45,347)	(37,364)
Net carrying value	23,753	32,496
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	49,500	50,130
Accumulated amortization	(49,500)	(42,482)
Net carrying value	0	7,648
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	3,300	3,910
Accumulated amortization	(3,300)	(3,694)
Net carrying value	0	216
Internet protocol addresses
Finite-Lived Intangible Assets [Line Items]
Gross carrying value	4,984	4,984
Accumulated amortization	(2,966)	(2,468)
Net carrying value	$ 2,018	$ 2,516

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 31
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479876/805-20-55-31

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+ Details

Revenue - Schedule of Net Revenue by Geographic Region (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 624,018	$ 543,676	$ 505,988
United States
Disaggregation of Revenue [Line Items]
Total revenue	465,450	407,324	370,424
All other countries
Disaggregation of Revenue [Line Items]
Total revenue	$ 158,568	$ 136,352	$ 135,564

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2025 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

Income Taxes - Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
State	$ 55	$ 129	$ 41
Foreign	1,282	680	290
Total	1,337	809	331
Texas
Income Tax Paid, by Individual Jurisdiction [Line Items]
State		76	41
Australia
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	303	87	132
Canada
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	143	156	107
Germany
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign		103	85
India
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	283
Japan
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	248	153	66
Netherlands
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign			38
Spain
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	101	76	74
Sweden
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign	$ 71	$ 67	46
UK
Income Tax Paid, by Individual Jurisdiction [Line Items]
Foreign			$ (261)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 180,563	$ 286,175
Marketable securities, current	181,196	9,707
Accounts receivable, net of allowance for credit losses of $6,262 and $8,254 as of December 31, 2025 and December 31, 2024, respectively	118,029	115,988
Prepaid expenses and other current assets	26,921	28,325
Total current assets	506,709	440,195
Property and equipment, net	186,785	179,097
Operating lease right-of-use assets, net	52,067	50,433
Goodwill	670,356	670,356
Intangible assets, net	25,771	42,876
Other assets	57,789	68,402
Total assets	1,499,477	1,451,359
Current liabilities:
Accounts payable	17,612	6,044
Accrued expenses	70,669	41,622
Long-term debt, current	38,557	0
Finance lease liabilities, current	0	2,328
Operating lease liabilities, current	24,427	25,155
Deferred revenue	35,234	26,511
Other current liabilities	7,499	2,796
Total current liabilities	193,998	104,456
Long-term debt, net	323,282	337,614
Operating lease liabilities, non-current	43,921	39,561
Other long-term liabilities	8,698	4,478
Total liabilities	569,899	486,109
Commitments and contingencies (Note 9)
Stockholders’ equity:
Additional paid-in capital	2,044,103	1,958,157
Accumulated other comprehensive loss	(41)	(100)
Accumulated deficit	(1,114,487)	(992,810)
Total stockholders’ equity	929,578	965,250
Total liabilities and stockholders’ equity	1,499,477	1,451,359
Common Class A
Stockholders’ equity:
Common stock	3	3
Common Class B
Stockholders’ equity:
Common stock	$ 0	$ 0

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company’s Amended and Restated Certificate of Incorporation, as amended and restated in May 2019, authorizes the issuance of 1.0 billion shares of common stock, each at a par value per share of $0.00002. Holders of common stock are entitled to one vote per share.

Equity Incentive Plans

The Company maintains five equity incentive plans: the 2019 Equity Incentive Plan (the “2019 Plan”), 2011 Equity Incentive Plan (“2011 Plan”), 2019 Employee Stock Purchase Plan (“ESPP Plan”), the Signal Sciences Corp. 2014 Stock Option and Grant Plan, as amended (the “Signal Plan”), and the 2025 Employment Inducement Incentive Plan (the "2025 Inducement Plan"). The 2019 Plan became effective in May 2019 and replaced the 2011 Plan. The Company’s 2019 Plan provides for the issuance of incentive stock options, non-statutory stock options, restricted stock units, performance-based stock awards, and other forms of equity compensation, which are collectively referred to as stock awards to its employees, directors, and consultants. The Signal Plan includes 251,754 registered shares which can be exercised to purchase shares of Fastly’s common stock. The 2025 Inducement Plan provides for the grant of non-statutory stock options, restricted stock units, performance based stock awards, and other forms of equity compensation.

As of December 31, 2025 and 2024, there were 5.8 million and 6.9 million shares of common stock available for issuance under the 2019 Plan, respectively. As of December 31, 2025 a total of 0.5 million shares were available for grant under the 2025 Inducement Plan. As of December 31, 2025 and 2024, 151.5 million and 142.1 million shares of common stock were issued and outstanding, respectively.

Stock Options

Options granted under the 2011 Plan and 2019 Plan are exercisable for common stock and expire within 10 years from the date of grant and generally vest over four years, at the rate of 25% on the first anniversary of the date of grant and ratably on a monthly basis over the remaining 36-month period thereafter based on continued service. Forfeitures are recognized as they occur.

The following table summarizes stock option activity during the year ended December 31, 2025:


	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
	(in thousands)			(in years)	(in thousands)
Outstanding at December 31, 2024	2,364	$	8.60	4.3	$	7,592
Granted	—	—
Exercised	(388)	2.64
Forfeited	(234)	4.49
Outstanding at December 31, 2025	1,742	$	10.47	4.4	$	4,256
Vested and exercisable at December 31, 2025	1,479	$	9.41	3.8	$	4,256

The total pre-tax intrinsic value of options exercised during the years ended December 31, 2025, 2024, and 2023 was $2.1 million, $1.9 million, and $3.1 million, respectively.

The total grant date fair value of employee options vested for the years ended December 31, 2025, 2024, 2023 was $1.7 million, $1.9 million, and $2.1 million, respectively.

During the years ended December 31, 2025 and 2024, and 2023, the Company recognized stock-based compensation expense from stock options of approximately $1.7 million, $1.9 million, and $2.1 million, respectively.

As of December 31, 2025, total unrecognized stock-based compensation cost related to outstanding unvested stock options that are expected to vest was $2.7 million. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 1.6 years.

Restricted Stock Units

The Company began granting RSUs under the 2019 Plan during the fiscal year ended December 31, 2019 as well as under the 2025 Inducement Plan during the year ended December 31, 2025. The fair value of RSUs is based on the grant date fair value and is expensed on a straight-line basis over the applicable vesting period. RSUs granted to new hires typically vest over three or four years, at the annual rate of 33% or 25%, respectively, on the first anniversary of the vesting start date and ratably on a quarterly basis over the remaining 24-month or 36-month period thereafter, respectively. RSUs granted to existing employees typically vest in equal quarterly installments over a three or four-year service period. All vesting is contingent on continued service. Forfeitures are recognized as they occur.

The following table summarizes RSU activity during the years ended December 31, 2025:


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested RSUs as of December 31, 2024	11,982	$	13.06
Granted	12,840	6.52
Vested	(7,833)	11.95
Cancelled/forfeited	(2,988)	10.38
Nonvested RSUs as of December 31, 2025	14,001	$	8.25

During the years ended December 31, 2025, 2024 and 2023, the weighted-average grant date fair value for RSUs granted was $6.52, $11.62 and $15.80 per share, respectively. During the years ended December 31, 2025, 2024 and 2023, the total weighted-average grant date fair value of RSUs vested was $93.6 million, $126.5 million and $127.3 million respectively.

During the years ended December 31, 2025, 2024 and 2023, the Company recognized stock-based compensation expense related to RSUs of $83.7 million, $96.7 million and $105.2 million, respectively.

As of December 31, 2025, total unrecognized stock-based compensation cost related to non-vested RSUs was $103.2 million. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 2.2 years.

Performance-Based Restricted Stock Units

Performance Stock Awards for Executive Officers ("executive PSUs”)

Pursuant to the Company’s 2019 Equity Incentive Plan, the Company grants certain employees shares of executive PSUs, which are to vest based on the level of achievement of certain Company-wide targets related to the Company’s operating plan for the relevant fiscal year. The Company has accounted for these awards as equity-based awards and will recognize stock-based compensation expense over the employees’ requisite service period based on the expected attainment of the Company-wide targets as of the end of each reporting period.


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested executive PSUs as of December 31, 2024	1,089	$	13.21
Granted	1,901	6.89
Vested	(172)	14.82
Cancelled/forfeited	(1,373)	10.71
Nonvested executive PSUs as of December 31, 2025	1,445	$	7.08

For the years ended December 31, 2025, 2024 and 2023, the Company recognized $3.9 million, $3.5 million, and $4.3 million of stock-based compensation expense associated with these awards, respectively.

Company-wide Bonus Program (“Bonus Program”)

On an annual basis the Compensation Committee approves a bonus program for the fiscal year, including performance targets, to most of the Company’s employees on active payroll in the relevant fiscal year. Shares awarded under the program are paid out the following year in February in fully vested RSUs and based on the final attainment of Company-wide performance targets which are tied to its operating plan for the relevant fiscal year. The payout of the Bonus Program will vary linearly between 50%, 100%, and 150% based on the achievement of these targets. Employees are required to be employed through the payout date to earn the awards. The Company has accounted for these awards as liability-based awards, since the monetary value of the obligation associated with the award is based predominantly on a fixed monetary amount known at inception, and it has an unconditional obligation that it must or may settle by issuing a variable number of its equity shares. The Company recognizes stock-based compensation expense over the employees requisite service period, based on the expected attainment of the Company-wide targets as of the end of each reporting period. In February 2024, the Company paid out the bonus liability associated with the 2023 Bonus Program in 1.9 million of restricted stock units, and correspondingly recorded a charge to additional paid-in-capital of $26.8 million. In February 2025, the Company paid out 1.0 million of restricted stock units associated with the 2024 Bonus Program, and correspondingly recorded a charge to additional paid-in-capital of $6.9 million. The Company has paid out the Bonus Program approved in February 2025 in February 2026.

During the years ended December 31, 2025, 2024 and 2023, the Company recognized $35.3 million, $10.0 million, and $24.7 million of stock-based compensation expense related to the company-wide Bonus Program, respectively.

Market-Based Performance Stock Awards

In September 2022 and January 2023, pursuant to the Company’s 2019 Equity Incentive Plan, the Company granted certain employees shares of MPSUs, which are to vest upon the satisfaction of the Company’s achievement of specified Fastly common stock price targets during the applicable performance period. In addition, the awards are subject to each recipient’s continuous service through each applicable vest dates.

The Company measured the fair value of the MPSUs using a Monte Carlo simulation valuation model. The risk-free interest rates used were 3.37% - 3.68%, which were based on five-year US treasury yield, adjusted to a continuous time basis. The expected volatility was a blended volatility rate of 80%, which incorporated both the Company’s observed equity volatility and the relevant guideline company volatility.


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested MPSUs as of December 31, 2024	1,313	$	6.45
Granted	—	—
Vested	—	—
Cancelled/forfeited	(978)	6.39
Nonvested MPSUs as of December 31, 2025	335	$	6.63

Stock-based compensation expense relating to the MPSUs are recognized using the accelerated attribution method over the derived service period. For the years ended December 31, 2025, 2024 and 2023, the Company recognized $3.0 million of stock-based compensation benefit and $2.8 million and $5.9 million of stock-based compensation expense associated with these awards, respectively.

Total unrecognized stock-based compensation expense related to the unvested portion of the MPSUs was $0.1 million as of December 31, 2025. This expense is expected to be amortized over a weighted-average vesting period of 1.9 years.

Relative Total Shareholder Return Award PSUs

In 2025, pursuant to the 2019 Plan, the Company granted certain employees shares of rTSR PSUs, which are to vest based on the Company’s total shareholder return (TSR) relative to a designated peer group over the performance period. The

Company has accounted for these awards as equity-based awards and will recognize stock-based compensation expense on a straight-line basis over the vesting period. In addition, the awards are subject to each recipient’s continuous service through the vest date.


	Number of Shares	Weighted-Average Grant Date Fair Value Per Share
	(in thousands)
Nonvested rTSR PSUs as of December 31, 2024	—	$	—
Granted	372	14.05
Vested	—	—
Cancelled/forfeited	(109)	13.47
Nonvested rTSR PSUs as of December 31, 2025	263	$	14.30

During the year ended December 31, 2025, the Company recognized $1.0 million of stock-based compensation expense associated with these awards.

Employee Stock Purchase Program

The ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation. The ESPP provides for six-month offering periods, commencing in May and November of each year. At the end of each offering period employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the date of purchase.

The Company estimates the fair value of shares to be issued under the ESPP on the first day of the offering period using the Black-Scholes valuation model. The inputs to the Black-Scholes option pricing model are the Company’s stock price on the first date of the offering period, the risk-free interest rate, the estimated volatility of the Company’s stock price over the term of the offering period, the expected term of the offering period and the expected dividend rate. Stock-based compensation expense related to the ESPP is recognized on a straight-line basis over the offering period. Forfeitures are recognized as they occur.

The Company estimated the fair value of shares granted under the ESPP on the first date of the offering period using the Black-Scholes option pricing model with the following assumptions:

Year ended December 31,

2025

2024

2023

Fair value of common stock

$2.81 – $3.80

$2.33 – $3.56

$3.33 – $6.09

Expected term (in years)

0.49 – 0.50

Risk-free interest rate

3.75% – 4.33%

4.45% – 5.40%

4.65% – 5.43%

Expected volatility

70% – 82%

54% – 93%

70% – 88%

Dividend yield

—

During the years ended December 31, 2025, 2024 and 2023, the Company recognized $2.2 million, $3.4 million, and $4.1 million in stock-based compensation expense related to the ESPP, respectively. As of December 31, 2025, total unrecognized stock-based compensation cost related to ESPP was $1.6 million. This unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of approximately 0.4 years.

During the years ended December 31, 2025, 2024 and 2023, an aggregate of 1.1 million, 1.0 million and 1.0 million shares of the Company’s common stock was purchased under the ESPP, respectively.

Equity Awards Modification

There were no material equity award modifications in the years ended December 31, 2025, 2024 and 2023.

Stock-based Compensation Expense

The following table summarizes the components of total stock-based compensation expense included in the accompanying consolidated statements of operations:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Cost of revenue	$	10,137	$	8,644	$	11,656
Research and development	44,453		33,606		47,827
Sales and marketing	32,971		29,061		33,703
General and administrative	29,762		36,619		43,117
Total	$	117,323	$	107,930	$	136,303

For the years ended December 31, 2025, 2024 and 2023, the Company capitalized $7.4 million, $10.3 million, and $10.1 million of stock-based compensation expense, respectively.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Property and Equipment, Useful Lives

The estimated useful life of each asset category is as follows:


Computer and networking equipment			3 to 5 years
Leasehold improvements			Shorter of lease term or 5 years
Furniture and fixtures			3 years
Office equipment			3 years
Internal-use software			3 to 5 years

Property and equipment, net consisted of the following:


	As of December 31,
	2025		2024
	(in thousands)
Computer and networking equipment	$	278,181	$	237,148
Leasehold improvements	8,181		8,139
Furniture and fixtures	2,430		2,153
Office equipment	1,232		1,218
Internal-use software	148,419		123,849
Property and equipment, gross	438,443		372,507
Accumulated depreciation and amortization	(251,658)		(193,410)
Property and equipment, net	$	186,785	$	179,097

Schedule of Intangible Assets, Net

The useful lives of the intangible assets are as follows:


Customer relationships			3 to 8 years
Developed technology			4 to 5 years
Trade names			3 to 4 years
Internet protocol addresses			10 years

As of December 31, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:


	As of December 31, 2025						As of December 31, 2024
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in thousands)
Intangible assets:
Customer relationships	$	69,100	$	(45,347)	$	23,753	$	69,860	$	(37,364)	$	32,496
Developed technology	49,500		(49,500)		—		50,130		(42,482)		7,648
Trade names	3,300		(3,300)		—		3,910		(3,694)		216
Internet protocol addresses	4,984		(2,966)		2,018		4,984		(2,468)		2,516
Total intangible assets	$	126,884	$	(101,113)	$	25,771	$	128,884	$	(86,008)	$	42,876

Investments and Fair Value Measurements

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Investments and Fair Value Measurements

Fair Value of Financial Instruments

For certain of the Company’s financial instruments, including cash held in banks, accounts receivable, and accounts payable, the carrying amounts approximate fair value due to their short maturities, and are therefore excluded from the fair value tables below.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There is a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.

The Company measures its cash equivalents and marketable securities at fair value. The Company classifies its cash equivalents and marketable securities within Level 1 or Level 2 because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The Company classifies its investments, which are comprised of corporate notes and bonds, commercial paper, U.S. treasury securities, securities of deposit, and municipal securities within Level 2 of the fair value hierarchy because the fair value of these securities is priced by using inputs based on non-binding market consensus prices that are primarily corroborated by observable market data or quoted market prices for similar instruments. Financial assets and liabilities are measured and recorded at fair value on a recurring basis.

The following table summarizes the Company’s cash and marketable securities' amortized cost, unrealized gains (losses), and fair value by significant investment category reported as cash and cash equivalents or marketable securities as of December 31, 2025 and 2024.


	As of December 31, 2025
									Reported as:
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and cash equivalents		Marketable securities:
	(in thousands)
Cash	$	87,743	$	—	$	—	$	87,743	$	87,743	$	—
Level 1:
Money market funds	44,032		—		—		44,032		44,032		—
Level 2:
U.S. Treasury securities	64,273		27		—		64,300		8,290		56,010
Corporate notes and bonds	50,942		19		—		50,961		4,570		46,391
Commercial paper	111,706		20		(2)		111,724		33,928		77,796
Municipal Securities	1,600		—		—		1,600		1,600		—
Certificates of deposit	1,399		—		—		1,399		400		999
Total	$	361,695	$	66	$	(2)	$	361,759	$	180,563	$	181,196


	As of December 31, 2024
									Reported as:
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and cash equivalents:		Marketable securities:
	(in thousands)
Cash	$	52,951	$	—	$	—	$	52,951	$	52,951	$	—
Level 1:
Money market funds	233,224		—		—		233,224		233,224		—
Level 2:
Corporate notes and bonds	6,005		3		—		6,008		—		6,008
Commercial paper	3,699		—		—		3,699		—		3,699
Total	$	295,879	$	3	$	—	$	295,882	$	286,175	$	9,707

There were no transfers of assets and liabilities measured at fair value between Level 1 and Level 2, or between Level 2 and Level 3, during the years ended December 31, 2025 and 2024.

There were no material realized gains or losses from sales of marketable securities that were reclassified out of accumulated other comprehensive loss into other expense, net as of December 31, 2025 and December 31, 2024. For the years ended December 31, 2025, 2024 and 2023, the Company did not record any impairment charges for its marketable debt securities in its consolidated statements of operations. No impairment loss has been recorded on the securities as the Company does not intend to sell any impaired securities, nor is it more likely than not that the Company would be required to sell impaired securities before recovery of amortized cost basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity - Restricted Stock Units (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 117,323	$ 107,930	$ 136,303
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share)	$ 6.52	$ 11.62	$ 15.80
Vested in period, grant date fair value	$ 93,600	$ 126,500	$ 127,300
Stock-based compensation expense	83,700	$ 96,700	$ 105,200
Unrecognized stock-based compensation cost	$ 103,200
Weighted-average period of recognition	2 years 2 months 12 days
Minimum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| RSUs \| First Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Award vesting percentage	25.00%
Minimum \| RSUs \| Remaining Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	24 months
Maximum \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| RSUs \| First Year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Award vesting percentage	33.00%
Maximum \| RSUs \| Remaining Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	36 months

Segment and Geographic Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment and Geographic Information

Segment

The Company operates as one single operating and reportable segment. The Chief Operating Decision Maker (“CODM”) is the Company's Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis, accompanied by disaggregated information about its revenue, for purposes of making operating decisions, assessing financial performance and allocating resources.

Net loss is the Company's primary measure of profit or loss, and all costs and expenses categories on the Company's consolidated statements of operations, as well as share-based compensation, depreciation and amortization expenses, are significant. Refer to Note 10 for additional information about the Company's share-based compensation expense. Refer to Note 5 and 7 for additional information about the Company's depreciation and amortization expenses, respectively. The Company's other segment items include net gain on extinguishment of debt, interest income, interest expense, other expense, net and income tax expense (benefit) on the Company's consolidated statements of operations.

Revenue

Revenue by geography is based on the billing address of the customer. Refer to Note 3—Revenue for more information on net revenue by geographic area.

Long-Lived Assets

The Company’s property and equipment and operating lease right-of-use assets, each net, by geographic area were as follows:


	As of December 31,
	2025		2024
	(in thousands)
United States	$	168,887	$	169,285
All other countries	69,965		60,245
Total long-lived assets	$	238,852	$	229,530

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Balance Sheet Information - Schedule of Revenue Reserve (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Reserve [Roll Forward]
Beginning balance	$ 5,130	$ 4,296	$ 2,449
Additions to the reserves	10,052	834	1,847
Write-offs and adjustments	(7,420)	0	0
Ending balance	$ 7,762	$ 5,130	$ 4,296

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

As of December 31, 2025 and 2024, the Company’s goodwill was $670.4 million. The Company did not record an impairment charge on goodwill for the fiscal years ended December 31, 2025, 2024 and 2023.

Intangible Assets, net

As of December 31, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:


	As of December 31, 2025						As of December 31, 2024
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in thousands)
Intangible assets:
Customer relationships	$	69,100	$	(45,347)	$	23,753	$	69,860	$	(37,364)	$	32,496
Developed technology	49,500		(49,500)		—		50,130		(42,482)		7,648
Trade names	3,300		(3,300)		—		3,910		(3,694)		216
Internet protocol addresses	4,984		(2,966)		2,018		4,984		(2,468)		2,516
Total intangible assets	$	126,884	$	(101,113)	$	25,771	$	128,884	$	(86,008)	$	42,876

The Company’s customer relationships, developed technology, trade names and Internet protocol addresses represent intangible assets subject to amortization. Amortization expense was $16.8 million, $19.6 million and $20.4 million, for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company did not purchase any intangible assets during the years ended December 31, 2025, 2024 and 2023.

The Company recorded an impairment charge of $0.3 million for the year ended December 31, 2025 related to the write-off of intangible assets no longer in use. The Company did not record an impairment charge on its intangible assets for either of the years ended December 31, 2024 or 2023.

The expected amortization expense of intangible assets subject to amortization as of December 31, 2025 is as follows:


	As of December 31, 2025
	(in thousands)
Year ending December 31,
2026	$	9,064
2027	9,051
2028	6,891
2029	378
2030	281
Thereafter	106
Total	$	25,771

Debt Instruments - Convertible Senior Notes (Narrative) (Details) - USD ($) $ in Thousands		12 Months Ended
	Mar. 05, 2021	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 25, 2022
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes		$ 180,000	$ 0	$ 0
Net gain on extinguishment of debt		941	1,365	52,416
Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount		368,600
Convertible Debt \| 2026 Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 948,800	$ 38,594
Coupon Interest Rate	0.00%	0.00%
Debt instrument, face amount, additional principal issuable	$ 123,800
Proceeds from issuance of convertible notes	$ 930,000
Debt instrument, repurchased face amount		$ 150,000		367,300		$ 235,000
Debt instrument, repurchase amount		148,900		309,100		176,400
Debt repurchase transaction costs				2,000		$ 700
Net gain on extinguishment of debt		900	1,400	$ 52,400	$ 54,400
Extinguishment of debt			157,900
Convertible Debt \| 2028 Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 150,000	$ 150,000
Coupon Interest Rate		7.75%	7.75%
Convertible Debt \| 2030 Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 180,000
Coupon Interest Rate		0.00%

Revenue - Schedule of Costs to Obtain Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Deferred contract costs, net	$ 47,586	$ 52,583

Debt Instruments

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt Instruments

Senior Secured Credit Facilities Credit Agreement

On February 16, 2021, the Company entered into a Senior Secured Credit Facilities Credit Agreement (as amended, restated, amended and restated, supplemented, restructured, or otherwise modified from time to time, the “Credit Agreement”) with the lenders from time to time party thereto (the “Lenders”) and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as a lender and as administrative agent and collateral agent for the Lenders. The Credit Agreement provides for a $60.0 million senior secured revolving facility, with a maturity date of the earlier of (i) April 30, 2027 and (ii) so long as any of our permitted convertible debt is outstanding after January 30, 2027 and if Net Liquidity is less than $200.0 million (or, if the amount of outstanding permitted convertible debt is less than $35.0 million, $120.0 million), such date. The Company recorded $0.6 million of debt issuance costs associated with the Credit Agreement in other assets on the Company’s consolidated balance sheet.

The revolving loans bear interest, at the Company’s election, at an annual rate based on the ABR (as defined in the Credit Agreement) plus 1.00% (such loans, the “ABR Loans”) or the Adjusted Term SOFR (as defined in the Credit Agreement) plus 2.00% (such loans, the “SOFR Loans”).

Interest payments on outstanding borrowings are due, with respect to SOFR Loans, on the last day of each interest period and with respect to ABR Loans, on the last calendar day of each month. The Credit Agreement has a commitment fee on the unused portion of the borrowing commitment, which is payable on the last day of each calendar quarter at a rate per annum of 0.20% to 0.25% depending on the average daily outstanding balance of all loans and letters of credit under the Credit Agreement. In addition, the Credit Agreement contains a financial covenant that requires the Company to maintain a consolidated adjusted quick ratio of at least 1.25 to 1:00 tested on a quarterly basis as well as a springing revenue growth covenant not to be less than 5% on a quarterly basis for certain periods if the Company’s consolidated adjusted quick ratio falls below 1.75 to 1:00 on the last day of any fiscal quarter. The Credit Agreement requires the Company to comply with various affirmative and negative covenants, and contains customary events of default.

As of December 31, 2025 and 2024, the Company and its subsidiaries were in compliance with all of the Credit Agreement’s covenants. During the years ended December 31, 2025 and 2024, no amounts were drawn down on the Company’s Credit Agreement. As of the years ended December 31, 2025 and 2024, no amounts were outstanding under the Credit Agreement.

Convertible Senior Notes

On March 5, 2021, the Company issued approximately $948.8 million aggregate principal amount of 0% convertible senior notes due 2026 (the “2026 Notes”), including the exercise in full by the initial purchasers of their option to purchase up to an additional approximately $123.8 million principal amount of the 2026 Notes. The 2026 Notes were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2026 Notes will mature on March 15, 2026, unless earlier converted, redeemed or repurchased. The net proceeds from the issuance of the 2026 Notes were approximately $930.0 million after deducting the initial purchasers’ discounts and transaction costs.

On May 25, 2022, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to repurchase (the “Repurchases”) $235.0 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of $176.4 million and aggregate transaction costs of $0.7 million. The Repurchases were accounted for as a debt extinguishment that resulted in a net gain of $54.4 million, which was recorded as non-operating income on the Company's consolidated statement of operations for the year ended December 31, 2022.

During the year ended December 31, 2023, the Company entered into several separate privately negotiated transactions with certain holders of the 2026 Notes to repurchase $367.3 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of $309.1 million and aggregate transaction costs of $2.0 million. The Repurchases were accounted for as a debt extinguishment that resulted in a net gain of $52.4 million, which was recorded as non-operating income on the Company’s consolidated statement of operations for the year ended December 31, 2023.

During the year ended December 31, 2024, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to exchange $157.9 million aggregate principal amount of the 2026 Notes for $150.0 million aggregate principal amount of 7.75% convertible senior notes due 2028 (the “2028 Notes”), which were issued in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The exchange was accounted for as a debt extinguishment and an issuance of new debt that resulted in a net gain of $1.4 million, which was recorded as non-operating income on the Company’s consolidated statement of operations for the year ended December 31, 2024.

During the year ended December 31, 2025, the Company issued $180.0 million aggregate principal amount of 0% convertible senior unsecured notes due in 2030 (the “2030 Notes”) in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. Concurrently with issuance of the 2030 Notes, the Company also entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to repurchase $150.0 million aggregate principal amount of the 2026 Notes for an aggregate cash repurchase price of $148.9 million. The repurchase was accounted for as a debt extinguishment and resulted in a net gain of $0.9 million, which was recorded as non-operating income on the Company’s consolidated statement of operations for the year ended December 31, 2025.

As of December 31, 2025, the Company's outstanding convertible senior notes (collectively, the "Notes") had a par value totaling $368.6 million. The following table summarizes further details of the Notes:


Notes	Issuance Date	Maturity Date	Principal amount (in thousands)		Coupon Interest Rate		Effective Interest Rate
2026 Notes	March 5, 2021	March 15, 2026	$	38,594	—	%	0.38	%
2028 Notes	June 1, 2025	June 1, 2028	$	150,000	7.75	%	7.77	%
2030 Notes	December 5, 2025	December 15, 2030	$	180,000	—	%	0.76	%

Redemption Rights of the Notes

The Company may redeem for cash, all or any portion of the 2026 Notes, at the Company’s option, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, if the last reported sale price of the Company’s common stock has been at least 130% of the conversion price for the 2026 Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. No sinking fund is provided for the 2026 Notes.

The Company may not redeem the 2028 Notes prior to the maturity date.

The 2030 Notes may not be redeemed by the Company prior to December 20, 2028. On or after December 20, 2028, if the common stock price is at least 130% of the conversion price for the 2030 Notes in effect for at least 20 of any 30 consecutive trading day period, the Company may redeem all or part of the Notes at a redemption price equal to the principal amount and accrued and unpaid interest with at least 35 days’ notice to holders.

If the Company undergoes a fundamental change at any time prior to the maturity date, holders of the Notes will have the right, at their option, to require the Company to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the fundamental change repurchase date.

Conversion Rights of the Notes

Prior to the close of business on the business day immediately preceding the conversion date, as noted in the table below, under the following circumstances a holder may exercise their conversion right:

•During any calendar quarter commencing after the calendar quarter ended June 30, 2021 for the 2026 Notes, March 31, 2025 for the 2028 Notes and March 31, 2026 for the 2030 Notes (and only during such calendar quarter), if the last reported sale price of the Company's common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•During the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the respective Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company's common stock and the conversion rate on each such trading day; or

•Upon the occurrence of specified corporate events.

On or after the respective conversion date, as noted in the table below, holders may convert all or any portion of their respective Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of its common stock or a combination of cash and shares of its common stock, at the Company’s election.

The conversion rights of the Notes are as follows:


Notes	Conversion Date	Conversion Rate(1)	Conversion Price per share
2026 Notes	December 15, 2025	9.7272	$	102.80
2028 Notes	March 1, 2028	50.6586	$	19.74
2030 Notes	September 16, 2030	65.5136	$	15.26

(1) The conversion rate for the Notes is established as a number of shares of the Company's common stock per $1,000 principal amount of the Notes, that is equivalent to the conversion price per share, subject to adjustments in certain events. Upon the occurrence of certain corporate events the Company will increase the conversion rate for a holder that elects to convert its Notes.

As of December 31, 2025, the conversion conditions had not been met by any of the Notes, and therefore were not yet convertible.

Carrying Value of the Notes as of December 31, 2025 and 2024 as follows:


	2030 Notes		2028 Notes		2026 Notes
As of December 31, 2025
Principal amount	$	180,000	$	150,000	$	38,594
Less: unamortized debt issuance costs	(6,620)		(98)		(37)
Net carrying amount	173,380		149,902		38,557

As of December 31, 2024
Principal amount	—		150,000		188,594
Less: unamortized debt issuance costs	—		(77)		(903)
Net carrying amount	—		149,923		187,691

For the years ended December 31, 2025, 2024 and 2023, interest expense related to the Company’s debt obligations was $12.6 million, $2.3 million, and $2.7 million respectively. As of December 31, 2025 and 2024, the total estimated fair value of the Company's convertible senior notes were $379.5 million and $327.7 million, respectively.

Capped Calls

In connection with the pricing of the issuance of the 2030 Notes, the Company entered into the Capped Calls. The Capped Calls associated with the 2030 Notes each had an initial strike price of approximately $15.26 per share. These Capped Calls had initial cap prices of $23.04 per share, subject to certain adjustments. The Capped Calls are expected to partially offset the potential dilution to the Company’s common stock upon any conversion of the 2030 Notes, with such offset subject to a cap based on the cap price. The Capped Calls are subject to adjustment upon the occurrence of specified extraordinary events affecting the Company, including merger events, tender offers and the announcement of such events. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including nationalization, insolvency or delisting, changes in law, failures to deliver, increased cost of hedging and hedging disruptions. For accounting purposes, the Capped Calls are separate transactions and not part of the terms of the 2030 Notes. As these transactions meet certain accounting criteria, the Capped Calls are recorded in stockholders' equity resulting in a $18.2 million decrease in additional paid in capital.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Stockholders' Equity - Company-Wide Bonus Program (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended		12 Months Ended
	Feb. 28, 2025	Feb. 29, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under bonus program			$ 6,898	$ 26,849	$ 16,599
Stock-based compensation expense			117,323	107,930	136,303
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			3,900	3,500	4,300
Bonus Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued under bonus program (in shares)	1.0	1.9
Shares issued under bonus program	$ 6,900	$ 26,800
Bonus Program \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 35,300	$ 10,000	$ 24,700
Performance Target Payout Level One \| Bonus Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout of performance-based restricted stock units, percentage			50.00%
Performance Target Payout Level Two \| Bonus Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout of performance-based restricted stock units, percentage			100.00%
Performance Target Payout Level Three \| Bonus Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payout of performance-based restricted stock units, percentage			150.00%

Summary of Significant Accounting Policies - Schedule of Intangible Assets (Details)	Dec. 31, 2025
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	3 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	8 years
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	4 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	5 years
Trade names \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	3 years
Trade names \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	4 years
Internet protocol addresses
Finite-Lived Intangible Assets [Line Items]
Useful life (in years)	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Debt Instruments - Conversion Rights of the Notes (Narrative) (Details) - 2026, 2028, and 2030 Convertible Notes - Convertible Debt	12 Months Ended
	Dec. 31, 2025 day
Scenario One
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days	20
Debt instrument, convertible, threshold consecutive trading days	30
Debt instrument, convertible, threshold percentage of stock price trigger	130.00%
Scenario Two
Debt Instrument [Line Items]
Debt instrument, convertible, threshold trading days	5
Debt instrument, convertible, threshold consecutive trading days	5
Debt instrument, convertible, threshold percentage of stock price trigger	98.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
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+ Details

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share is computed by dividing net loss by basic weighted-average shares outstanding during the period. Diluted net loss per share is computed by dividing net loss by diluted weighted-average shares outstanding, including potentially dilutive securities.

The following table presents the computation of basic and diluted net loss per share of common stock:


	Year ended December 31,
	2025		2024		2023
	(in thousands, except per share amounts)
Net loss attributable to common stockholders	$	(121,677)	$	(158,058)	$	(133,088)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	146,902		138,099		128,770
Net loss per share attributable to common stockholders, basic and diluted	$	(0.83)	$	(1.14)	$	(1.03)

The following securities were excluded from the computation of diluted net loss per share of common stock for the periods presented as their effect would have been antidilutive:


	Number of Shares
	Year ended December 31,
	2025	2024	2023
	(in thousands)
Stock options	1,742	2,364	2,710
RSUs	14,001	11,982	11,244
PSUs	1,445	1,089	732
MPSUs	335	1,313	1,471
rTSR PSUs	263	—	—
Bonus PSUs	4,054	767	1,572
Shares issuable pursuant to the ESPP	571	70	410
Convertible senior notes (if-converted)	19,767	9,433	3,370
Total	42,178	27,018	21,509

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation and Consolidation

The accompanying consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Certain changes to presentation have been made to conform the prior period presentation to the current period reporting. The Company has made certain presentation changes to separate out deferred revenue from other current liabilities on the consolidated balance sheets.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates, judgments, and assumptions used in these financial statements include, but are not limited to, those related to revenue, accounts receivable and related reserves, internal-use software development costs, the incremental borrowing rate related to the Company’s lease liabilities, fair value of assets acquired and liabilities assumed during business combinations, useful lives of acquired intangible assets and property and equipment, financial instruments, income tax reserves, and accounting for stock-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. The effects of material revisions in estimates are reflected in the consolidated financial statements in the period of change and prospectively from the date of the change in estimate.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable.

The Company’s cash, cash equivalents, and marketable securities primarily consisted of money market funds, investment-grade commercial paper, corporate notes and bonds, U.S. treasury securities, certificates of deposit, and municipal bonds. The primary focus of its investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy limits the amount of credit exposure with any one financial institution or commercial issuer. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to the extent recorded in the balance sheets.

Cash, Cash Equivalents

Cash, Cash Equivalents, and Marketable Securities

Cash and cash equivalents include cash held in banks, highly liquid money market funds, U.S. treasury securities, municipal securities, and commercial paper, all with original maturities of three months or less when acquired. The Company’s short-term and long-term marketable securities consists of fixed income U.S. and foreign government agency securities, corporate bonds, municipal securities, certificates of deposit, and commercial paper. Management determines the appropriate classification of the Company’s investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying remaining contractual maturity date.

The Company classifies its marketable securities as available-for-sale as it has the ability to sell the marketable securities prior to its maturity. The Company’s marketable securities are reported at fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Cash and cash equivalents are stated at cost, which approximate fair market value. Short-term and long-term marketable securities are classified as available-for-sale debt securities and are also carried at fair market value. When the available-for-sale debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations.

All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when the fair value of its investments decline below their respective cost basis. Factors considered in determining whether a credit impairment has occurred include whether the decline in fair value is due to credit related factors, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior to the expected recovery of the investment’s amortized cost basis. No such impairment charges were recorded during the years ended December 31, 2025, 2024, and 2023.

Marketable Securities

Cash, Cash Equivalents, and Marketable Securities

Accounts Receivable, net

Accounts receivable are recorded and carried at the original invoiced amount, net of an allowance for any potential credit losses. The allowance for credit losses is determined based upon the assessment of various factors, such as historical experience, credit quality of its customers, age of the accounts receivable balances, geographic related risks, economic conditions, and other factors that may affect a customer’s ability to pay. The Company records these charges as a component of general and administrative expenses in the consolidated statements of operations in the period in which the change occurs. The Company does not have any off-balance sheet credit exposure related to its customers.

Incremental Costs to Obtain a Contract with a Customer and Revenue Recognition and Disaggregation of revenue

Incremental Costs to Obtain a Contract with a Customer

The Company capitalizes incremental costs associated with obtaining customer contracts, specifically certain commission payments. The Company pays commissions based on contract value upon signing an arrangement with a new customer and upon upgrades of existing contracts with customers only if the upgrades result in an incremental increase in contract value. These costs are deferred on the consolidated balance sheets and amortized over the expected period of benefit on a straight-line basis. The Company also pays commissions on an ongoing basis based upon revenue recognized. In these cases, no incremental costs are deferred, as the commissions are earned and expensed in the same period for which the associated revenue is recognized. Based on the nature of the Company’s technology and services, and the duration of its relationships with its customers, the expected period of benefit is determined to be five years. Management periodically reviews the carrying amount of deferred commission costs to determine whether events or changes in circumstances have occurred that could impact the period of benefit of these deferred costs. Amortization is included in sales and marketing expense in the consolidated statements of operations. Deferred commission are included in other assets on the consolidated balance sheets.

Revenue Recognition

The Company primarily derives revenue from the sale of services to customers executing contracts in which the standard contract term is one year, although terms may vary by contract. Most of the Company’s contracts are non-cancelable over the contractual term. The majority of the Company’s usage-based contracts commit the customer to a minimum monthly level of usage and specify the rate at which the customer must pay for actual usage above the monthly minimum. The Company also offers subscriptions to access security services at a fixed rate. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

In accordance with Revenue from Contracts with Customers (“ASC 606”), revenue is recognized when a customer obtains control of promised services. The amount of revenue recognized reflects the consideration that the Company expects to be entitled to receive in exchange for these services. To achieve the core principle of this standard, the Company applies the following five steps:

(1) Identify the contract with a customer

The Company considers the terms and conditions of contracts with customers and its customary business practices in identifying contracts under ASC 606. The Company determines it has a contract with a customer when the contract is approved, each party’s rights regarding the services to be transferred can be identified, payment terms for the services can be identified, it has been determined that the customer has the ability and intent to pay, and the contract has commercial substance. The Company applies judgment in determining the customer’s ability and intent to pay, which is based on a variety of factors, including the customer’s historical payment experience or, in the case of a new customer, credit and financial information pertaining to the customer.

(2) Identify the performance obligations in the contract

Performance obligations promised in a contract are identified based on the services that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the service either on its own or together with other resources that are readily available from the Company or from third parties, and are distinct in the context of the contract, whereby the transfer of the services is separately identifiable from other promises in the contract. The Company’s contracts with customers often include promises to transfer multiple services to a customer. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require judgment. Performance obligations generally represent stand-ready obligations that are satisfied over time as the customer simultaneously receives and consumes the benefits provided by the Company.

(3) Determine the transaction price

The transaction price is determined based on the consideration to which the Company is expected to be entitled in exchange for transferring services to the customer. Variable consideration is included in the transaction price if it is probable that a significant future reversal of cumulative revenue under the contract will not occur. The transaction price in a contract for usage-based services is typically equal to the minimum commit price in the contract plus any variable amounts of usage above the minimum commitment, less any discounts provided. The transaction price in a contract that does not contain usage-based services is equal to the total contract value.

(4) Allocate the transaction price to performance obligations in the contract

If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price to each performance obligation based on a relative standalone selling price (“SSP”). For contracts with multiple performance obligations that are delivered over different time periods, the Company allocates the contract transaction price to each performance obligation using the estimated SSP of each distinct good or service in the contract. Judgment is required to determine the SSP for each distinct performance obligation. The Company analyzes separate sales of its services or the discounted list price per management’s approved price list as a basis for estimating the SSP of these services. In instances where SSP is not directly observable, such as when the Company does not sell the service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The Company typically has more than one SSP for individual products and services due to the stratification of those services by customers and circumstances. In these instances, the Company may use information, such as geographic region and distribution channel, in determining the SSP.

Because the Company’s typical contracts represent distinct services delivered over time with the same pattern of transfer to the customer, usage-based consideration primarily related to actual consumption over the minimum commit levels is allocated to the period to which it relates. The amount of consideration recognized for usage above the minimum commit price is limited to the amount the Company expects to be entitled to receive in exchange for providing services. The Company has elected to apply the practical expedient for estimating and disclosing the variable consideration when variable consideration is allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a performance obligation from its remaining performance obligations under these contracts. For contracts to which such practical expedient cannot be applied, consideration is estimated.

(5) Recognize revenue when or as performance obligations are satisfied

Revenue is recognized when control of the services is transferred to the customer, in an amount that reflects the consideration expected to be received in exchange for those services. The Company generates all its revenue from contracts with customers. The Company’s revenue is recognized over time, consistent with the pattern of benefit provided to the

customer over the term of the agreement. Revenue on the Company’s subscription services are recognized ratably over their respective contractual term.

At times, customers may request changes that either amend, replace, or cancel existing contracts. Judgment is required to determine whether the specific facts and circumstances within the contracts should be accounted for as a separate contract or as a prospective modification.

In contracts where there are timing differences between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service, the Company has determined its contracts do not include a significant financing component. The Company has also elected the practical expedient to not measure financing components for any contract where the timing difference is less than one year.

Revenue by geography is based on the billing address of the customer.

Fair Value of Financial Instruments

The Company’s available-for-sale securities are recorded at fair value. The Company’s cash and cash equivalents are recorded at cost, which approximates fair value. Additionally, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term nature. For disclosure purposes, the Company measures the fair value of its outstanding senior convertible notes using a market approach based on actual bids and offers in an over-the-counter market, or Level 2 inputs, on the last trading day of the period.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets. The estimated useful life of each asset category is as follows:


Computer and networking equipment			3 to 5 years
Leasehold improvements			Shorter of lease term or 5 years
Furniture and fixtures			3 years
Office equipment			3 years
Internal-use software			3 to 5 years

The Company periodically reviews the estimated useful lives of property and equipment and any changes to the estimated useful lives are recorded prospectively from the date of the change.

Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is included in the consolidated statements of operations. Repairs and maintenance costs are expensed as incurred.

Internal-Use Software Development Costs

Labor and related costs associated with internal-use software incurred during the application development stage are capitalized. Capitalization of costs begins when the preliminary project stage is completed, management has committed to funding the project, and it is probable that the project will be completed and the software will be used to perform the function intended. Capitalization ceases at the point when the project is fully tested, is substantially completed and is ready for its intended purpose. The capitalized amounts are included in property and equipment, net on the consolidated balance sheets. The Company amortizes such costs on a straight-line basis over the estimated useful life of the software, which is generally between three to five years. Completed internal-use software that is related to the Company’s network is amortized to cost of revenue over its estimated useful life. Costs incurred during the planning, training, and post-implementation stages of the software development life-cycle are expensed as incurred.

Goodwill, Intangible Assets, and Other Long-Lived Assets

Goodwill, Intangible Assets and Other Long-Lived Assets

Goodwill represents the excess of the purchase price of an acquired business over the fair value of the net tangible and identifiable intangible assets acquired. The carrying amount of goodwill is reviewed for impairment at least annually, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company has a single operating segment and reporting unit structure for all of the periods presented.

As part of the annual goodwill impairment test, the Company may first perform a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of the qualitative assessment, it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the quantitative impairment test will be required. If the Company has determined it necessary to perform a quantitative impairment assessment, the Company will compare the fair value of the reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, limited to the total amount of goodwill of the reporting unit. The Company did not recognize any goodwill impairment charges for any of the periods presented.

Goodwill has historically been tested for impairment annually on October 31 or more frequently upon the occurrence of certain events or substantive changes in circumstances that indicate impairment is more likely than not. During the year ended December 31, 2025, the Company changed the date of its annual impairment test from October 31 to October 1 of each year. This change is preferable because it aligns the Company’s impairment testing procedures with its annual business planning and budgeting process and allows the Company to maximize time and resources required to perform the impairment analysis. The Company does not consider this change in impairment testing date to be a material change in the application of an accounting principle as it does not result in the delay, acceleration or avoidance of an impairment charge.

On October 1, 2025, the Company completed its annual goodwill impairment test associated with its single reporting unit and, based on the qualitative assessment, determined it was more likely than not that the fair value of the reporting unit exceeded its carrying value. The Company did not identify any events or changes in circumstances since the performance of its annual goodwill impairment test that would require the Company to perform another goodwill impairment test during the fiscal year.

The Company’s definite lived intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company estimates the useful life by estimating the expected period of economic benefit.

The useful lives of the intangible assets are as follows:


Customer relationships			3 to 8 years
Developed technology			4 to 5 years
Trade names			3 to 4 years
Internet protocol addresses			10 years

Long-lived assets, including property and equipment, definite lived intangible assets, and operating lease right-of-use assets, are reviewed for impairment whenever events or changes in circumstances, such as service discontinuance, technological obsolescence, significant decreases in market capitalization, facility closures, or work-force reductions indicate that the carrying amount of the long-lived asset or asset group may not be recoverable. When such events occur, the Company compares the carrying amount of the asset or asset group to the undiscounted expected future cash flows related to the asset or asset group. If this comparison indicates that an impairment is present, the amount of impairment is calculate as the difference between the carrying amount and the fair value of the asset or asset group. In addition to the recoverability assessment, the Company periodically reviews the remaining estimated useful lives of long-lived assets. If the estimated useful life assumption for any asset is changed due to new information, the remaining unamortized balance would be depreciated or amortized over the revised estimated useful life, on a prospective basis. Refer to Note 5 — Balance Sheet Information and Note 6 — Leases for discussion of impairment of property and equipment and impairment of operating lease right-of-use asset, respectively.

Leases

The Company leases office space and data centers (“colocation leases”) under non-cancelable operating leases with various expiration dates. The Company also leases server equipment under non-cancelable finance leases with various expiration dates. The Company determines if an arrangement contains a lease at inception.

Operating lease right-of-use assets and lease liabilities are recognized at the present value of the future lease payments at commencement date. The interest rate implicit in the Company’s operating leases is not readily determinable, and therefore an incremental borrowing rate is estimated to determine the present value of future payments. The estimated incremental borrowing rate factors in a hypothetical interest rate on a collateralized basis with similar terms, payments, and economic environments. Operating lease right-of-use assets also include any prepaid lease payments and exclude lease incentives.

Operating lease expense is recognized on a straight-line basis over the lease term commencing on the date the Company has the right to use the leased property. The lease terms may include options to extend or terminate the lease. The Company generally uses the base, non-cancelable, lease term when recognizing the lease assets and liabilities, unless it is reasonably certain that the option will be exercised. The lease agreements may contain variable costs such as common area maintenance, operating expenses or other costs. Variable lease costs are expensed as incurred on the consolidated statements of operations. The Company’s lease agreements generally do not contain any residual value guarantees or restrictive covenants.

Certain of our operating leases contain both lease and non-lease components. Non-lease components for our office spaces include fixed payments for maintenance, utilities, real estate taxes, and management fees. Non-lease components for colocation leases include fixed payments for utilities and other operating costs. For both office spaces and colocation leases, the Company combines fixed lease and non-lease components and account for them as a single lease component.

The Company leases networking equipment from a third party through equipment finance leases. These leases include a bargain purchase option, resulting in a full transfer of ownership at the completion of the lease term.

Operating leases are reflected in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on the consolidated balance sheets. Finance leases are included in property and equipment, net, finance lease liabilities, and finance lease liabilities, non-current on the consolidated balance sheets.

Convertible Debt

The Company evaluated the terms of its debt in line with ASC 470-20, as amended by Accounting Standards Update (“ASU”) 2020-06, and concluded that the instrument does not require separation and that there were no other derivatives that required separation. The Company has combined these features with the host contract and accounted for the convertible debt as a single liability in long-term debt on the consolidated balance sheets. The carrying amount of the liability is either based on fair value or the gross proceeds, net of the unamortized transaction costs incurred related to the issuance of the convertible debt instrument, and any partial repurchases made. The debt discount from the net unamortized transaction cost is amortized to interest expense over the term of the convertible debt instrument using the effective interest rate method.

Cost of Revenue

Cost of revenue consists primarily of fees paid to network providers for bandwidth and to third-party network data centers for housing servers, also known as colocation costs. Cost of revenue also includes employee costs for network operation, build-out and support and services delivery, network storage costs, cost of managed services and software-as-a-service, depreciation of network equipment used to deliver services, and amortization of network-related internal-use software. The Company enters into contracts for bandwidth with third-party network providers with terms of typically one year. These contracts generally commit the Company to pay minimum monthly fees plus additional fees for bandwidth usage above the committed level. The Company enters into contracts for colocation services with third-party providers with terms typically ranging from one to six years.

Research and Development Costs

Research and development costs consist of primarily payroll and related personnel costs for the design, development, testing, and enhancement of the Company’s edge cloud platform. Research and development expenses also include cloud infrastructure fees for development and testing. Costs incurred in the development of the Company’s edge cloud platform are expensed as incurred, excluding those expenses which meet the criteria for the capitalization of internal-use software.

Advertising Expense

The Company recognizes advertising expense as incurred.

Accounting for Stock-Based Compensation

The Company recognizes stock-based compensation expense based on the grant-date fair value of the awards. The fair values of the restricted stock units (“RSUs”) and performance stock awards (“PSUs”) are based on the fair value of the Company’s stock price on the grant date. The fair values of stock options and employee stock purchase program (“ESPP”) are based on the Black-Scholes option-pricing model. The fair value of the market-based performance stock awards (“MPSUs”) and Relative Total Shareholder Return Award PSUs (“rTSR PSUs”) are measured using a Monte Carlo simulation valuation model.

The determination of the fair value of a stock-based award is affected by the deemed fair value of the underlying stock price on the grant date, as well as assumptions regarding a number of other complex and subjective variables, including expected term and stock price volatility of the awards.

Stock-based compensation expense for awards with service-based vesting only is recognized on a straight-line basis over the requisite service period of the awards, which is generally three or four years. In addition to service-based conditions, stock-based compensation expense for awards that have performance-based or market-based conditions are recognized over the requisite service period for each separately-vesting tranche as though each tranche of the award is its own separate grant, which results in an accelerated recognition of compensation cost. The Company accounts for forfeitures as they occur.

Foreign Currency

The functional currency of the Company’s foreign subsidiaries is the U.S. dollar. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in other income (expense), net in the consolidated statements of operations. The aggregate transaction gain or loss for the years ended December 31, 2025, 2024 and 2023 is included in the determination of net income for the period and was not material to the respective periods.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) it determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations and consolidated statement of comprehensive loss. Accrued interest and penalties are included in accrued expenses on the consolidated balance sheet.

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, restricted stock units, restricted stock awards, shares issuable under its employee stock purchase plans and performance stock awards. The Company also applies the if-converted method for calculation of diluted earnings per share for its convertible debt instruments. As the Company has reported losses for all periods presented, all potentially dilutive securities are antidilutive and accordingly, basic net loss per share equals diluted net loss per share.

Segment Information

The Company has one reportable and operating segment. Financial information about the Company’s operating segment and geographic areas is presented in Note 13 to these financial statements.

Recently Issued and Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, which expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for the Company's annual

periods beginning in 2025. The Company adopted the standard on December 31, 2025. For further information, refer to Note 12—Income Taxes, in these financial statements.

In November 2024, the FASB issued ASU 2024-03 “Disaggregation of Income Statement Expenses,” which aims to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for the Company's annual periods beginning in 2027 and interim periods beginning in the first quarter of fiscal year 2028. The Company is currently evaluating the impact of the new guidance.

In November 2024, the FASB issued ASU 2024-04 “Induced Conversions of Convertible Debt Instruments,” which amends ASC 470-202 to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion. The guidance is effective for the Company's annual periods beginning in 2026 and interim periods within those annual reporting periods. The Company did not early adopt and is currently evaluating the impact of the new guidance.

In September 2025, the FASB issued ASU 2025-06 “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software,” which aims to clarify and modernize the accounting for costs related to internal-use software. The guidance is effective for the Company's interim and annual periods beginning in 2028. The Company is currently evaluating the impact of the new guidance.

Fair Value of Financial Instruments

Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.

Revenue - Schedule of Revenue by Customer Type (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 624,018	$ 543,676	$ 505,988
Network Services
Disaggregation of Revenue [Line Items]
Total revenue	477,774	427,690	405,116
Security
Disaggregation of Revenue [Line Items]
Total revenue	125,061	103,037	92,864
Other
Disaggregation of Revenue [Line Items]
Total revenue	$ 21,183	$ 12,949	$ 8,008

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Leases - Schedule of Lease Maturity (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 30,344
2027	21,670
2028	12,133
2029	6,559
2030	5,028
Thereafter	15,245
Total future minimum lease payments	90,979
Less: imputed interest	(13,526)
Total liability	$ 77,453

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 26,809	$ 26,581	$ 26,996
Variable lease cost	20,546	17,003	15,112
Total operating lease cost	47,355	43,584	42,108
Amortization of assets under finance lease	11,598	13,521	14,391
Interest	15	378	1,328
Total finance lease cost	$ 11,613	$ 13,899	$ 15,719

Debt Instruments - Senior Secured Credit Facilities Agreement (Narrative) (Details) - Credit Agreement		12 Months Ended
	Feb. 16, 2021 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Debt facility, maximum borrowing amount	$ 60,000,000.0
Net liquidity covenant threshold	120,000,000.0
Transaction costs	$ 600,000
Debt covenant, adjusted quick ratio, minimum requirement	1.25
Debt covenant, springing revenue quarterly growth basis	5.00%
Debt covenant, adjusted quick ratio, minimum threshold to trigger revenue growth covenant requirement	1.75
Amounts drawn on line of credit during the period		$ 0	$ 0
Amount of debt outstanding		$ 0	$ 0
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.00%
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Minimum
Debt Instrument [Line Items]
Net liquidity covenant threshold	$ 200,000,000.0
Line of credit, unused capacity, commitment fee percentage	0.20%
Maximum
Debt Instrument [Line Items]
Convertible debt outstanding threshold	$ 35,000,000.0
Line of credit, unused capacity, commitment fee percentage	0.25%

Balance Sheet Information - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Deferred contract costs, net	$ 47,586	$ 52,583
Advance payment for purchase of property and equipment	0	9,837
Other assets	10,203	5,982
Total other assets	$ 57,789	$ 68,402

Summary of Significant Accounting Policies - Concentrations of Credit Risk (Details) - Affiliated Customer - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%		12.00%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-18

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-20

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 310
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478785/954-310-50-2

+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Leases - Schedule of Other Information (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Weighted Average Remaining Lease term (in years):
Operating leases	4 years 4 months 20 days	2 years 10 months 2 days	3 years 5 months 23 days
Finance leases	0 years	3 months 25 days	1 year
Weighted Average Discount Rate:
Operating leases	7.16%	6.36%	6.03%
Finance leases	0.00%	4.67%	4.67%

Stockholders' Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Number of Shares
Options outstanding, beginning balance (in shares)	2,364
Granted (in shares)	0
Exercised (in shares)	(388)
Forfeited (in shares)	(234)
Options outstanding, ending balance (in shares)	1,742	2,364
Options vested and exercisable (in shares)	1,479
Weighted-Average Exercise Price
Options outstanding, weighted average exercise price, beginning of period (in dollars per share)	$ 8.60
Granted, weighted-average exercise price (in dollars per share)	0
Exercised, weighted average exercise price (in dollars per share)	2.64
Forfeited, weighted average exercise price (in dollars per share)	4.49
Options outstanding, end of period (in dollars per share)	10.47	$ 8.60
Vested and exercisable, weighted-average exercise price (in dollars per share)	$ 9.41
Stock Option Activity, Additional Disclosures
Weighted-average remaining contractual period	4 years 4 months 24 days	4 years 3 months 18 days
Vested and exercisable, weighted average contractual term	3 years 9 months 18 days
Aggregate intrinsic value	$ 4,256	$ 7,592
Vested and exercisable, aggregate intrinsic value	$ 4,256

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	San Francisco, California
Auditor Firm ID	34

Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Available-For-Sale Investments


	As of December 31, 2025
									Reported as:
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and cash equivalents		Marketable securities:
	(in thousands)
Cash	$	87,743	$	—	$	—	$	87,743	$	87,743	$	—
Level 1:
Money market funds	44,032		—		—		44,032		44,032		—
Level 2:
U.S. Treasury securities	64,273		27		—		64,300		8,290		56,010
Corporate notes and bonds	50,942		19		—		50,961		4,570		46,391
Commercial paper	111,706		20		(2)		111,724		33,928		77,796
Municipal Securities	1,600		—		—		1,600		1,600		—
Certificates of deposit	1,399		—		—		1,399		400		999
Total	$	361,695	$	66	$	(2)	$	361,759	$	180,563	$	181,196


	As of December 31, 2024
									Reported as:
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and cash equivalents:		Marketable securities:
	(in thousands)
Cash	$	52,951	$	—	$	—	$	52,951	$	52,951	$	—
Level 1:
Money market funds	233,224		—		—		233,224		233,224		—
Level 2:
Corporate notes and bonds	6,005		3		—		6,008		—		6,008
Commercial paper	3,699		—		—		3,699		—		3,699
Total	$	295,879	$	3	$	—	$	295,882	$	286,175	$	9,707

Schedule of Cash and Cash Equivalents


	As of December 31, 2025
									Reported as:
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and cash equivalents		Marketable securities:
	(in thousands)
Cash	$	87,743	$	—	$	—	$	87,743	$	87,743	$	—
Level 1:
Money market funds	44,032		—		—		44,032		44,032		—
Level 2:
U.S. Treasury securities	64,273		27		—		64,300		8,290		56,010
Corporate notes and bonds	50,942		19		—		50,961		4,570		46,391
Commercial paper	111,706		20		(2)		111,724		33,928		77,796
Municipal Securities	1,600		—		—		1,600		1,600		—
Certificates of deposit	1,399		—		—		1,399		400		999
Total	$	361,695	$	66	$	(2)	$	361,759	$	180,563	$	181,196


	As of December 31, 2024
									Reported as:
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Fair Value		Cash and cash equivalents:		Marketable securities:
	(in thousands)
Cash	$	52,951	$	—	$	—	$	52,951	$	52,951	$	—
Level 1:
Money market funds	233,224		—		—		233,224		233,224		—
Level 2:
Corporate notes and bonds	6,005		3		—		6,008		—		6,008
Commercial paper	3,699		—		—		3,699		—		3,699
Total	$	295,879	$	3	$	—	$	295,882	$	286,175	$	9,707

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

The accompanying consolidated financial statements and footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable.

Concentrations of credit risk with respect to accounts receivable are primarily limited to certain customers to which the Company makes substantial sales. The Company’s customer base consists of a large number of geographically dispersed customers diversified across several industries. No single customer accounted for more than 10% of revenue for the years ended December 31, 2025, 2024 and 2023. No single customer accounted for more than 10% of the total accounts receivable balance as of December 31, 2025 or 2024. Affiliated customers that are business units of a single company generated an aggregate of 10% of the Company’s revenue for the year ended December 31, 2025. No affiliated customers that are business units of a single company generated more than 10% of revenue for the year ended December 31, 2024. Affiliated customers that are business units of a single company generated an aggregate of 12% of the Company’s revenue for the year ended December 31,

2023. No affiliated customers that are business units of a single company accounted for more than 10% of the Company's accounts receivable balance as of December 31, 2025. Affiliated customers that are business units of a single company accounted for an aggregate of 11% of the Company’s accounts receivable balance as of December 31, 2024.

Cash, Cash Equivalents, and Marketable Securities

Accounts Receivable, net

Incremental Costs to Obtain a Contract with a Customer

Fair Value of Financial Instruments

Property and Equipment


Computer and networking equipment			3 to 5 years
Leasehold improvements			Shorter of lease term or 5 years
Furniture and fixtures			3 years
Office equipment			3 years
Internal-use software			3 to 5 years

The Company periodically reviews the estimated useful lives of property and equipment and any changes to the estimated useful lives are recorded prospectively from the date of the change.

Internal-Use Software Development Costs

Goodwill, Intangible Assets and Other Long-Lived Assets

The useful lives of the intangible assets are as follows:


Customer relationships			3 to 8 years
Developed technology			4 to 5 years
Trade names			3 to 4 years
Internet protocol addresses			10 years

Leases

Convertible Debt

Revenue Recognition

(1) Identify the contract with a customer

(2) Identify the performance obligations in the contract

(3) Determine the transaction price

(4) Allocate the transaction price to performance obligations in the contract

(5) Recognize revenue when or as performance obligations are satisfied

customer over the term of the agreement. Revenue on the Company’s subscription services are recognized ratably over their respective contractual term.

Cost of Revenue

Research and Development Costs

Advertising Expense

The Company recognizes advertising expense as incurred. The Company recognized total advertising expense of approximately $5.1 million, $5.8 million and $4.6 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Accounting for Stock-Based Compensation

Foreign Currency

Income Taxes

Net Loss Per Share Attributable to Common Stockholders

Segment Information

The Company has one reportable and operating segment. Financial information about the Company’s operating segment and geographic areas is presented in Note 13 to these financial statements.

Recently Issued and Adopted Accounting Pronouncements

periods beginning in 2025. The Company adopted the standard on December 31, 2025. For further information, refer to Note 12—Income Taxes, in these financial statements.

Debt Instruments - Schedule of Carrying Value of Notes (Details) - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
2030 Notes
Debt Instrument [Line Items]
Principal amount	$ 180,000	$ 0
Less: unamortized debt issuance costs	(6,620)	0
Long-term debt, net	173,380	0
2028 Notes
Debt Instrument [Line Items]
Principal amount	150,000	150,000
Less: unamortized debt issuance costs	(98)	(77)
Long-term debt, net	149,902	149,923
2026 Notes
Debt Instrument [Line Items]
Principal amount	38,594	188,594
Less: unamortized debt issuance costs	(37)	(903)
Long-term debt, net	$ 38,557	$ 187,691

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	42,178	27,018	21,509
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,742	2,364	2,710
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	14,001	11,982	11,244
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,445	1,089	732
MPSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	335	1,313	1,471
rTSR PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	263	0	0
Bonus PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	4,054	767	1,572
Shares issuable pursuant to the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	571	70	410
Convertible senior notes (if-converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	19,767	9,433	3,370

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Loss before income taxes includes the following components:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
United States	$	(126,278)	$	(161,398)	$	(137,240)
Foreign	7,089		5,944		3,931
Loss before income taxes	$	(119,189)	$	(155,454)	$	(133,309)

The income tax expense (benefit) consists of the following:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Current tax provision (benefit):
Federal	$	—	$	—	$	—
State	35		200		57
Foreign	1,020		611		622
Deferred tax expense (benefit):
Federal	—		—		—
State	—		—		—
Foreign	1,433		1,793		(900)
Total tax expense (benefit)	$	2,488	$	2,604	$	(221)

The Company recorded tax expense of $2.5 million and $2.6 million for the years ended December 31, 2025 and 2024, respectively, and recorded tax benefit of $0.2 million for the year ended December 31, 2023. The Company’s income tax expense (benefit) is primarily due to income taxes from certain foreign jurisdictions where the Company conducts business and state minimum income taxes in the United States.

The Company adopted ASU 2023-09 "Income Taxes (Topic 740): Improvements To Income Tax Disclosures" on a retrospective basis effective December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the Company's actual global effective amount and rate for the years ended December 31, 2025, 2024, and 2023:


	Year ended December 31,
	2025				2024				2023
	Amount (in thousands)		Percent		Amount (in thousands)		Percent		Amount (in thousands)		Percent
US federal statutory tax rate	$	(25,030)	21.0	%	$	(32,645)	21.0	%	$	(27,995)	21.0	%
State and local income taxes, net of federal income tax effect*	(543)		0.5	%	(519)		0.3	%	(985)		0.7	%
Foreign tax effects:
United Kingdom:
Change in valuation allowance	—		—	%	—		—	%	(2,080)		1.6	%
Other	685		(0.6)	%	1,160		(0.7)	%	197		(0.1)	%
Other foreign jurisdictions	280		(0.2)	%	125		(0.1)	%	504		(0.4)	%
Effect of changes in tax laws or rates enacted in the current period
Effect of cross-border tax laws	678		(0.6)	%	52		(0.1)	%	—		—	%
Tax credits:
Research and development credits	(4,985)		4.2	%	(8,671)		5.6	%	(18,444)		13.8	%
Changes in valuation allowances	19,627		(16.5)	%	26,675		(17.2)	%	33,410		(25.1)	%
Nontaxable or nondeductible items:
Stock-based compensation awards	7,582		(6.4)	%	10,492		(6.7)	%	4,824		(3.6)	%
Disallowed executive compensation	1,784		(1.5)	%	2,483		(1.6)	%	3,922		(2.9)	%
Other	586		(0.5)	%	695		(0.4)	%	517		(0.4)	%
Changes in unrecognized tax benefits	1,824		(1.5)	%	2,757		(1.8)	%	5,909		(4.4)	%
Total	$	2,488	(2.1)	%	$	2,604	(1.7)	%	$	(221)	0.2	%

*State taxes in California made up the majority (greater than 50%) of the tax effect in this category

The Company’s deferred tax assets and liabilities were as follows:


	Year ended December 31,
	2025		2024
	(in thousands)
Deferred tax assets:
Net operating losses	$	198,780	$	183,824
Lease liability	18,255		17,329
Research and development credits	52,060		46,759
Capitalized research and development	50,707		62,615
Stock-based compensation	13,995		6,924
Deferred revenue	7,618		5,158
Reserves and accruals	5,325		4,885
Other	4,826		4,582
Deferred tax assets	351,566		332,076
Deferred tax liabilities:
Intangible asset amortization	(6,320)		(10,995)
Right-of-use asset	(13,814)		(13,377)
State taxes	(16,066)		(14,844)
Prepaid commissions	(11,473)		(13,306)
Other	(17)		(1)
Deferred tax liabilities	(47,690)		(52,523)
Valuation allowance	(303,285)		(279,204)
Net deferred tax (liabilities) assets	$	591	$	349

As of December 31, 2025 and 2024, the Company had NOL carryforwards for U.S. federal income tax purposes of approximately $698.2 million and $635.9 million, respectively; and for state income tax purposes of approximately $647.1 million and $621.0 million, respectively. The federal NOL carryforwards, if not utilized, will begin to expire in 2034. The state NOL carryforward, if not utilized, will begin to expire on various dates starting in 2028. The Company also has federal and California research and development credit carryforwards totaling $55.7 million and $16.8 million as of December 31, 2025, respectively. The federal research and development credit carryforwards will begin to expire in 2027, unless previously utilized. The California research credits do not expire.

As of December 31, 2025, the Company has NOL carryforwards for United Kingdom purposes of approximately $15.2 million. The UK NOL carryforwards do not expire.

Based on all available evidence on a jurisdictional basis the Company believes that it is more likely than not that the Company’s U.S. deferred tax assets will not be utilized and have recorded a full valuation allowance against its U.S. net deferred tax assets. The Company assesses on a periodic basis the likelihood that it will be able to recover its deferred tax assets. The Company considers all available evidence, both positive and negative, including historical losses. The Company determined that it is more likely than not that the U.S. net deferred tax assets will not be fully realizable for the years ended December 31, 2025 and 2024.

The Company has a valuation allowance for U.S. deferred tax assets, including NOL carryforwards. The Company expects to maintain this valuation allowance for the foreseeable future.

Changes in the valuation allowance were as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	279,204	$	245,476	$	208,215
Additions charged to expenses	24,081		33,728		37,261
Ending balance	$	303,285	$	279,204	$	245,476

Utilization of the NOL carryforwards may be subject to a substantial annual limitation due to the ownership change limitations under the Code and similar state provisions. Under Section 382 of the Code, a corporation that undergoes an “ownership change” may be subject to limitations on its ability to utilize its pre-change NOLs to offset future taxable income. A detailed analysis was performed through December 31, 2021 for the Company to determine whether an ownership change under Section 382 of the Code has occurred, and ownership changes were identified in 2013 and 2020. A detailed analysis was completed through December 31, 2024 and no further ownership changes were identified. As a result of these analyses, the Company concluded that there is no longer any limitation on the utilization of such NOLs. A detailed analysis was performed for the period March 1, 2014 to October 1, 2020 for Signal Sciences to determine whether an ownership change under Section 382 of the Code has occurred and an ownership change was identified in 2020. As a result of this analysis, the Company concluded that there is no longer any limitation on its utilization of the NOLs of Signal Sciences.

No provision for U.S. income and foreign withholding taxes has been made for these permanently reinvested foreign earnings because it is management’s intention to permanently reinvest such undistributed earnings outside the United States.

A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):


	Year ended December 31,
	2025		2024
Balance at beginning of year	$	26,003	$	23,245
Increases related to prior year tax positions	12		—
Decreases related to prior year tax positions	—		(39)
Increases related to current year tax positions	1,812		2,797
Balance at end of year	$	27,827	$	26,003

The Company has considered the amounts and probabilities of the outcomes that can be realized upon ultimate settlement with the tax authorities and determined unrecognized tax benefits primarily related to credits should be established as noted in the summary rollforward above. The unrecognized tax benefits, if recognized and in absence of full valuation allowance, would impact the income tax provision by $27.8 million and $26.0 million at December 31, 2025 and 2024, respectively.

Generally, in the U.S. federal and state taxing jurisdictions, tax periods in which certain loss and credit carryovers are generated remain open for audit until such time as the limitation period ends for the year in which such losses or credits are utilized.

The Company adopted ASU 2023-09 on a retrospective basis effective December 31, 2025 and have included the following tables as a result of the Company's adoption, which presents income taxes paid (net of refunds received) for the years ended December 31, 2025, 2024 and 2023:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
State	$	55	$	129	$	41
Foreign	1,282		680		290
Total	$	1,337	$	809	$	331

Income taxes paid (net of refunds) exceed 5% of total income taxes paid (net of refunds) in the following jurisdictions:


	Year ended December 31,
	2025	2024		2023
	(in thousands)
State
Texas	*	$	76	$	41
Foreign
Australia	303	87		132
Canada	143	156		107
Germany	*	103		85
India	283	*		*
Japan	248	153		66
Netherlands	*	*		38
Spain	101	76		74
Sweden	71	67		46
UK	*	*		(261)

*Jurisdiction below the threshold for the period presented.

- Definition

The entire disclosure for income tax.

+ References

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-Section 50
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+ Details

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax provision (benefit):
Federal	$ 0	$ 0	$ 0
State	35	200	57
Foreign	1,020	611	622
Deferred tax expense (benefit):
Federal	0	0	0
State	0	0	0
Foreign	1,433	1,793	(900)
Income tax expense (benefit)	$ 2,488	$ 2,604	$ (221)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 198,780	$ 183,824
Lease liability	18,255	17,329
Research and development credits	52,060	46,759
Capitalized research and development	50,707	62,615
Stock-based compensation	13,995	6,924
Deferred revenue	7,618	5,158
Reserves and accruals	5,325	4,885
Other	4,826	4,582
Deferred tax assets	351,566	332,076
Deferred tax liabilities:
Intangible asset amortization	(6,320)	(10,995)
Right-of-use asset	(13,814)	(13,377)
State taxes	(16,066)	(14,844)
Prepaid commissions	(11,473)	(13,306)
Other	(17)	(1)
Deferred tax liabilities	(47,690)	(52,523)
Valuation allowance	(303,285)	(279,204)	$ (245,476)	$ (208,215)
Net deferred tax (liabilities) assets	$ 591	$ 349

Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Long-Lived Assets by Geographic Region

The Company’s property and equipment and operating lease right-of-use assets, each net, by geographic area were as follows:


	As of December 31,
	2025		2024
	(in thousands)
United States	$	168,887	$	169,285
All other countries	69,965		60,245
Total long-lived assets	$	238,852	$	229,530

Revenue - Remaining Performance Obligation (Narrative) (Details) $ in Millions	Dec. 31, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 353.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	70.00%
Remaining performance obligation, timing of satisfaction	12 months

Debt Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The following table summarizes further details of the Notes:


Notes	Issuance Date	Maturity Date	Principal amount (in thousands)		Coupon Interest Rate		Effective Interest Rate
2026 Notes	March 5, 2021	March 15, 2026	$	38,594	—	%	0.38	%
2028 Notes	June 1, 2025	June 1, 2028	$	150,000	7.75	%	7.77	%
2030 Notes	December 5, 2025	December 15, 2030	$	180,000	—	%	0.76	%

The conversion rights of the Notes are as follows:


Notes	Conversion Date	Conversion Rate(1)	Conversion Price per share
2026 Notes	December 15, 2025	9.7272	$	102.80
2028 Notes	March 1, 2028	50.6586	$	19.74
2030 Notes	September 16, 2030	65.5136	$	15.26

Schedule of Carrying Values of Debt Agreements

Carrying Value of the Notes as of December 31, 2025 and 2024 as follows:


	2030 Notes		2028 Notes		2026 Notes
As of December 31, 2025
Principal amount	$	180,000	$	150,000	$	38,594
Less: unamortized debt issuance costs	(6,620)		(98)		(37)
Net carrying amount	173,380		149,902		38,557

As of December 31, 2024
Principal amount	—		150,000		188,594
Less: unamortized debt issuance costs	—		(77)		(903)
Net carrying amount	—		149,923		187,691

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

Restructuring Charges (Details) - USD ($)	12 Months Ended
Restructuring Charges (Details) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0	$ 9,720,000	$ 0
Restructuring reserve	$ 0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

The Company has operating leases for corporate offices and data centers (“colocation” leases) and finance leases for networking equipment. The Company’s operating leases have remaining lease terms ranging from less than 1 year to 9 years, some of which include options to extend the leases. The Company also subleases a portion of its corporate office spaces. The Company’s subleases have remaining lease terms ranging from less than 1 year to 4 years. Sublease income was $0.8 million, $1.4 million, and $1.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The components of lease cost were as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Operating lease cost:
Operating lease cost	$	26,809	$	26,581	$	26,996
Variable lease cost	20,546		17,003		15,112
Total operating lease cost	$	47,355	$	43,584	$	42,108
Finance lease cost:
Amortization of assets under finance lease	$	11,598	$	13,521	$	14,391
Interest	15		378		1,328
Total finance lease cost	$	11,613	$	13,899	$	15,719

The short-term lease costs were not material for the years ended December 31, 2025, 2024 and 2023.

The Company did not recognize any material impairment charge on its operating lease right-of-use assets during the year ended December 31, 2025. During the year ended December 31, 2024, the Company recognized an impairment charge of $1.7 million related to right-of-use assets, of which $1.3 million was related to the Company exiting a certain office facility and is included within the impairment expense line in the Company's consolidated statements of operations. During the year ended December 31, 2023, the Company recognized impairment on its operating lease right-of-use assets of $0.7 million.


	As of December 31,
	2025		2024		2023
	(in thousands)
Weighted Average Remaining Lease term (in years):
Operating leases	4.39		2.84		3.48
Finance leases	—		0.32		1.00
Weighted Average Discount Rate:
Operating leases	7.16	%	6.36	%	6.03	%
Finance leases	—	%	4.67	%	4.67	%

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


	Operating Leases
	(in thousands)
Year ending December 31,
2026	$	30,344
2027	21,670
2028	12,133
2029	6,559
2030	5,028
Thereafter	15,245
Total future minimum lease payments	$	90,979
Less: imputed interest	(13,526)
Total liability	$	77,453

As of December 31, 2025, the Company has undiscounted commitments of $9.1 million for operating leases that have not yet commenced, and therefore are not included in the right-of-use asset or operating lease liability. These operating leases will commence in the first quarter of 2026 with lease terms ranging from 2 years to 5 years.

Leases

The components of lease cost were as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Operating lease cost:
Operating lease cost	$	26,809	$	26,581	$	26,996
Variable lease cost	20,546		17,003		15,112
Total operating lease cost	$	47,355	$	43,584	$	42,108
Finance lease cost:
Amortization of assets under finance lease	$	11,598	$	13,521	$	14,391
Interest	15		378		1,328
Total finance lease cost	$	11,613	$	13,899	$	15,719

The short-term lease costs were not material for the years ended December 31, 2025, 2024 and 2023.


	As of December 31,
	2025		2024		2023
	(in thousands)
Weighted Average Remaining Lease term (in years):
Operating leases	4.39		2.84		3.48
Finance leases	—		0.32		1.00
Weighted Average Discount Rate:
Operating leases	7.16	%	6.36	%	6.03	%
Finance leases	—	%	4.67	%	4.67	%

Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:


	Operating Leases
	(in thousands)
Year ending December 31,
2026	$	30,344
2027	21,670
2028	12,133
2029	6,559
2030	5,028
Thereafter	15,245
Total future minimum lease payments	$	90,979
Less: imputed interest	(13,526)
Total liability	$	77,453

Balance Sheet Information - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 16,737	$ 22,455
Other current assets	10,184	5,870
Total	$ 26,921	$ 28,325

Summary of Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Advertising expense	$ 5.1	$ 5.8	$ 4.6

Debt Instruments - Schedule of Convertible Senior Notes (Details) - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Mar. 05, 2021
Debt Instrument [Line Items]
Principal amount	$ 368,600
2026 Notes
Debt Instrument [Line Items]
Principal amount	$ 38,594		$ 948,800
Coupon Interest Rate	0.00%		0.00%
Effective Interest Rate	0.38%
2028 Notes
Debt Instrument [Line Items]
Principal amount	$ 150,000	$ 150,000
Coupon Interest Rate	7.75%	7.75%
Effective Interest Rate	7.77%
2030 Notes
Debt Instrument [Line Items]
Principal amount	$ 180,000
Coupon Interest Rate	0.00%
Effective Interest Rate	0.76%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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+ Details

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	May 31, 2019
Allowance for doubtful accounts	$ 6,262	$ 8,254	$ 7,054	$ 5,029
Common stock, par value (in dollars per share)					$ 0.00002
Common stock, shares authorized (in shares)					1,000,000,000.0
Common Class A
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	151,537,271	142,086,129
Common stock, shares outstanding (in shares)	151,537,271	142,086,129
Common Class B
Common stock, par value (in dollars per share)	$ 0.00002	$ 0.00002
Common stock, shares authorized (in shares)	4,191,275	4,191,275
Common stock, shares issued (in shares)	0	0
Common stock, shares outstanding (in shares)	0	0

Stockholders' Equity - Employee Stock Purchase Program (ESPP) (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 117,323	$ 107,930	$ 136,303
Shares issued under employee stock purchase program (in shares)	1.1	1.0	1.0
Shares issuable pursuant to the ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum deduction percentage of eligible compensation	15.00%
Stock plan offering period	6 months
Purchase price of common stock, percentage of fair value	85.00%
Stock-based compensation expense	$ 2,200	$ 3,400	$ 4,100
Unrecognized stock-based compensation cost	$ 1,600
Weighted-average period of recognition	4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Stockholders' Equity - Common Stock (Narrative) (Details)	May 31, 2019 stock_series $ / shares shares
Stockholders' Equity Note [Abstract]
Common stock, shares authorized (in shares) \| shares	1,000,000,000.0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00002
Common stock, voting rights (votes per share) \| stock_series	1

Balance Sheet Information - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued compensation and related benefits	$ 46,611	$ 19,266
Accrued colocation and bandwidth costs	13,944	15,317
Other tax liabilities	4,800	4,266
Other accrued expenses	5,314	2,773
Total accrued expenses	$ 70,669	$ 41,622

Debt Instruments - Capped Calls (Narrative) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares
Debt Instrument [Line Items]
Decrease from purchase of capped calls \| $	$ 18,162
2030 Notes
Debt Instrument [Line Items]
Initial strike price (in dollars per share) \| $ / shares	$ 15.26
Initial cap price (in dollars per share) \| $ / shares	$ 23.04
Decrease from purchase of capped calls \| $	$ 18,200

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Summary of Significant Accounting Policies - Cost of Revenue (Details)	12 Months Ended
	Dec. 31, 2025
Bandwidth Contracts
Disaggregation of Revenue [Line Items]
Typical duration of contracts (in years)	1 year
Colocation Services \| Minimum
Disaggregation of Revenue [Line Items]
Typical duration of contracts (in years)	1 year
Colocation Services \| Maximum
Disaggregation of Revenue [Line Items]
Typical duration of contracts (in years)	6 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment and Geographic Information - (Narrative) (Details)	12 Months Ended
	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	Dec. 31, 2025
Computer and networking equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	3 years
Computer and networking equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	5 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	3 years
Office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	3 years
Internal-use software \| Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	3 years
Internal-use software \| Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life (in years)	5 years

Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 1,668	$ 1,072
Contract liabilities	40,819	29,585
Contract with Customer, Liability
Revenue recognized in the period from amounts included in contract liability at the beginning of the period	$ 27,097	$ 33,719

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

Loss before income taxes includes the following components:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
United States	$	(126,278)	$	(161,398)	$	(137,240)
Foreign	7,089		5,944		3,931
Loss before income taxes	$	(119,189)	$	(155,454)	$	(133,309)

Schedule of Income Tax Expense (Benefit)

The income tax expense (benefit) consists of the following:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Current tax provision (benefit):
Federal	$	—	$	—	$	—
State	35		200		57
Foreign	1,020		611		622
Deferred tax expense (benefit):
Federal	—		—		—
State	—		—		—
Foreign	1,433		1,793		(900)
Total tax expense (benefit)	$	2,488	$	2,604	$	(221)

Schedule of Effective Tax Rate Reconciliation

The following table presents required disclosure pursuant to ASU 2023-09 and reconciles the U.S. federal statutory tax amount and rate to the Company's actual global effective amount and rate for the years ended December 31, 2025, 2024, and 2023:


	Year ended December 31,
	2025				2024				2023
	Amount (in thousands)		Percent		Amount (in thousands)		Percent		Amount (in thousands)		Percent
US federal statutory tax rate	$	(25,030)	21.0	%	$	(32,645)	21.0	%	$	(27,995)	21.0	%
State and local income taxes, net of federal income tax effect*	(543)		0.5	%	(519)		0.3	%	(985)		0.7	%
Foreign tax effects:
United Kingdom:
Change in valuation allowance	—		—	%	—		—	%	(2,080)		1.6	%
Other	685		(0.6)	%	1,160		(0.7)	%	197		(0.1)	%
Other foreign jurisdictions	280		(0.2)	%	125		(0.1)	%	504		(0.4)	%
Effect of changes in tax laws or rates enacted in the current period
Effect of cross-border tax laws	678		(0.6)	%	52		(0.1)	%	—		—	%
Tax credits:
Research and development credits	(4,985)		4.2	%	(8,671)		5.6	%	(18,444)		13.8	%
Changes in valuation allowances	19,627		(16.5)	%	26,675		(17.2)	%	33,410		(25.1)	%
Nontaxable or nondeductible items:
Stock-based compensation awards	7,582		(6.4)	%	10,492		(6.7)	%	4,824		(3.6)	%
Disallowed executive compensation	1,784		(1.5)	%	2,483		(1.6)	%	3,922		(2.9)	%
Other	586		(0.5)	%	695		(0.4)	%	517		(0.4)	%
Changes in unrecognized tax benefits	1,824		(1.5)	%	2,757		(1.8)	%	5,909		(4.4)	%
Total	$	2,488	(2.1)	%	$	2,604	(1.7)	%	$	(221)	0.2	%

*State taxes in California made up the majority (greater than 50%) of the tax effect in this category

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities were as follows:


	Year ended December 31,
	2025		2024
	(in thousands)
Deferred tax assets:
Net operating losses	$	198,780	$	183,824
Lease liability	18,255		17,329
Research and development credits	52,060		46,759
Capitalized research and development	50,707		62,615
Stock-based compensation	13,995		6,924
Deferred revenue	7,618		5,158
Reserves and accruals	5,325		4,885
Other	4,826		4,582
Deferred tax assets	351,566		332,076
Deferred tax liabilities:
Intangible asset amortization	(6,320)		(10,995)
Right-of-use asset	(13,814)		(13,377)
State taxes	(16,066)		(14,844)
Prepaid commissions	(11,473)		(13,306)
Other	(17)		(1)
Deferred tax liabilities	(47,690)		(52,523)
Valuation allowance	(303,285)		(279,204)
Net deferred tax (liabilities) assets	$	591	$	349

Summary of Valuation Allowance

Changes in the valuation allowance were as follows:


	As of December 31,
	2025		2024		2023
	(in thousands)
Beginning balance	$	279,204	$	245,476	$	208,215
Additions charged to expenses	24,081		33,728		37,261
Ending balance	$	303,285	$	279,204	$	245,476

Schedule of Unrecognized Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):


	Year ended December 31,
	2025		2024
Balance at beginning of year	$	26,003	$	23,245
Increases related to prior year tax positions	12		—
Decreases related to prior year tax positions	—		(39)
Increases related to current year tax positions	1,812		2,797
Balance at end of year	$	27,827	$	26,003

Schedule of Income Taxes Paid


	Year ended December 31,
	2025		2024		2023
	(in thousands)
State	$	55	$	129	$	41
Foreign	1,282		680		290
Total	$	1,337	$	809	$	331

Income taxes paid (net of refunds) exceed 5% of total income taxes paid (net of refunds) in the following jurisdictions:


	Year ended December 31,
	2025	2024		2023
	(in thousands)
State
Texas	*	$	76	$	41
Foreign
Australia	303	87		132
Canada	143	156		107
Germany	*	103		85
India	283	*		*
Japan	248	153		66
Netherlands	*	*		38
Spain	101	76		74
Sweden	71	67		46
UK	*	*		(261)

*Jurisdiction below the threshold for the period presented

Stockholders' Equity - Schedule of RSU, RSA , PSU and MPSU, RTSR PSU Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RSUs
Number of Shares
Beginning balance (in shares)	11,982
Granted (in shares)	12,840
Vested (in shares)	(7,833)
Cancelled/forfeited (in shares)	(2,988)
Ending balance (in shares)	14,001	11,982
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 13.06
Granted (in dollars per share)	6.52	$ 11.62	$ 15.80
Vested (in dollars per share)	11.95
Cancelled/forfeited (in dollars per share)	10.38
Ending balance (in dollars per share)	$ 8.25	$ 13.06
PSUs
Number of Shares
Beginning balance (in shares)	1,089
Granted (in shares)	1,901
Vested (in shares)	(172)
Cancelled/forfeited (in shares)	(1,373)
Ending balance (in shares)	1,445	1,089
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 13.21
Granted (in dollars per share)	6.89
Vested (in dollars per share)	14.82
Cancelled/forfeited (in dollars per share)	10.71
Ending balance (in dollars per share)	$ 7.08	$ 13.21
MPSUs
Number of Shares
Beginning balance (in shares)	1,313
Granted (in shares)	0
Vested (in shares)	0
Cancelled/forfeited (in shares)	(978)
Ending balance (in shares)	335	1,313
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 6.45
Granted (in dollars per share)	0
Vested (in dollars per share)	0
Cancelled/forfeited (in dollars per share)	6.39
Ending balance (in dollars per share)	$ 6.63	$ 6.45
rTSR PSUs
Number of Shares
Beginning balance (in shares)	0
Granted (in shares)	372
Vested (in shares)	0
Cancelled/forfeited (in shares)	(109)
Ending balance (in shares)	263	0
Weighted-Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share)	$ 0
Granted (in dollars per share)	14.05
Vested (in dollars per share)	0
Cancelled/forfeited (in dollars per share)	13.47
Ending balance (in dollars per share)	$ 14.30	$ 0

Revenue (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Geographic Area

The following table presents the Company’s net revenue by geographic region:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
United States	$	465,450	$	407,324	$	370,424
All other countries	158,568		136,352		135,564
Total revenue	$	624,018	$	543,676	$	505,988

Schedule of Revenue by Product Line

The following table presents the Company’s revenue by product line:


	Year ended December 31,
	2025		2024		2023
	(in thousands)
Network Services	$	477,774	$	427,690	$	405,116
Security	125,061		103,037		92,864
Other	21,183		12,949		8,008
Total revenue	$	624,018	$	543,676	$	505,988

Schedule of Contract Assets and Liabilities

The following table presents the Company’s contract assets and contract liabilities as of December 31, 2025 and 2024:


	As of December 31, 2025		As of December 31, 2024
	(in thousands)
Contract assets	$	1,668	$	1,072
Contract liabilities	$	40,819	$	29,585

The following table presents revenue recognized during the years ended December 31, 2025 and 2024 from amounts included in the contract liability at the beginning of the period:


	Year ended December 31,
	2025		2024
	(in thousands)
Revenue recognized in the period from amounts included in contract liability at the beginning of the period	$	27,097	$	33,719

Schedule of Costs to Obtain Contracts

As of December 31, 2025 and December 31, 2024, the Company’s costs to obtain contracts were as follows:


	As of December 31, 2025		As of December 31, 2024
	(in thousands)
Deferred contract costs, net	$	47,586	$	52,583

Debt Instruments - Schedule of Conversion Rights of Notes (Details) - Convertible Debt	12 Months Ended
	Dec. 31, 2025 $ / shares
2026 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	0.0097272
Debt instrument, convertible, conversion price (in dollars per share)	$ 102.80
2028 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	0.0506568
Debt instrument, convertible, conversion price (in dollars per share)	$ 19.74
2030 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	0.655136
Debt instrument, convertible, conversion price (in dollars per share)	$ 15.26

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
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-Paragraph 8A
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.4-08(f))
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1B
-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Commitments and Contingencies - Schedule of Purchase Commitments (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Long-term Purchase Commitment [Line Items]
2026	$ 80,944
2027	31,550
2028	12,745
2029	18
2030	0
Total	125,257
Cost of Revenue Commitments
Long-term Purchase Commitment [Line Items]
2026	59,276
2027	17,556
2028	4,081
2029	18
2030	0
Total	80,931
Operating Expense Commitments
Long-term Purchase Commitment [Line Items]
2026	21,668
2027	13,994
2028	8,664
2029	0
2030	0
Total	$ 44,326

Balance Sheet Information - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]
Accrued computer and networking equipment	$ 413	$ 743
Customer deposits	6,115	1,213
Other current liabilities	971	840
Total other current liabilities	$ 7,499	$ 2,796

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented and maintain various cybersecurity processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, trade secrets, personal information, and data of our customers (including their end-users) (“Information Systems and Data”). Our Chief Information Security Officer (“CISO”) and security organization help identify, assess, and manage the Company’s cybersecurity threats and risks, including through the use of the Company’s security risk register. The CISO and security organization identify and assess risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile using various methods including, for example: (1) identifying vulnerabilities through automated scans, vulnerability assessments, and subscriptions to threat intelligence feeds and notices; (2) assessing security weaknesses identified through internal security reviews, internal and external penetration tests, and reports on our products and services; and (3) assessing the Company’s threat landscape given the industry’s risk profile, the results of our enterprise risk assessment, and information technology, privacy, and security audits. Depending on the environment, system, and data, we implement and maintain various technical, physical, and organizational measures, processes, standards, and/or policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: an incident response plan; incident detection and response; vulnerability management policy; business continuity plan; risk assessments; implementation of security standards and certifications; encryption of data; network security protocols; data segregation; access controls; physical security; asset management, tracking and disposal; systems monitoring; vendor risk management program; employee training; penetration testing; cybersecurity insurance; and a dedicated CISO and security organization. Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. For example, (1) the security organization is engaged in all major changes to the Company’s environment or products to conduct a risk assessment and identify potential cybersecurity risk; (2) cybersecurity risk is a component of the Company’s enterprise risk management program and managed within the Company’s risk register; (3) the security organization works with senior leadership across the Company to prioritize our risk management processes and mitigate cybersecurity threats that are most likely to lead to a material impact to our business; and (4) our senior management evaluates material risks from cybersecurity threats against our overall business objectives and reports the results to the board of directors, which evaluates our overall enterprise risk. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example: professional services firms, including legal counsel; cybersecurity software providers; managed cybersecurity service providers; penetration testing firms; and forensic investigators. We use third-party service providers to perform a variety of functions throughout our business, such as providing cloud-based infrastructure, hosting third party applications, and delivering content to customers, as well as data center hosting. We have a formal vendor management program designed to manage cybersecurity risks associated with our use of these providers. The procurement organization conducts an initial risk assessment to determine the criticality of the vendor prior to onboarding. Depending on the criticality of the vendor–which is based on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider–our security organization conducts our vendor security review process, which involves different levels of assessment designed to identify cybersecurity risks associated with a provider prior to onboarding and on a periodic basis, including, for example: (1) a vendor security questionnaire; (2) results of audit reports and certifications; and (3) policies and standards detailing the third-party’s security program. Based on the results of the vendor security review, a decision is made on whether the third-party can be engaged. We review our most critical providers' audit reports and certifications on a regular basis to reassess whether or not they have experienced any material changes or degradations to their security programs since our initial review that may warrant re-evaluation. The Company attempts to engage reputable third-party service providers and when appropriate, imposes contractual obligations related to cybersecurity on its providers. We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including “If our IT Systems or data, or those of third parties upon which we rely, are compromised, limited, or fail, our business could experience materially adverse consequences, including but not limited to regulatory investigations or actions, litigation, fines and penalties, disruptions of our business operations, loss of revenue or profits, loss of customers or sales, reputational harm, and other adverse consequences.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various cybersecurity processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, trade secrets, personal information, and data of our customers (including their end-users) (“Information Systems and Data”).
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors addresses the Company’s cybersecurity risk management as part of its general risk oversight function. The board of directors is responsible for overseeing the Company’s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CISO, Mr. Marshall Erwin. Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors receives periodic reports at least annually from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Our board of directors also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Role of Management [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CISO, Mr. Marshall Erwin. Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service. Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our incident response plan is designed to escalate certain cybersecurity incidents, including breaches, to members of management depending on the circumstances, including our CISO, Chief Legal Officer, and other members of leadership when appropriate. The security incident and response team works with relevant subject matter experts across the organization when necessary to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response plan includes reporting to the board of directors for cybersecurity incidents the Company's disclosure committee determines are material. The disclosure committee, which includes members of management such as our Chief Financial Officer and Chief Legal Officer, meets quarterly. The CISO acts in an advisory capacity to the Company's disclosure committee on an as-needed basis. Our board of directors receives periodic reports at least annually from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Our board of directors also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CISO, Mr. Marshall Erwin. Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service. Our CISO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel. Our CISO is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has experience in the technology and government industries, including through his previous roles as CISO for a major Internet company and an analyst in the US intelligence community. He also served as the cybersecurity and counterterrorism advisor on the Senate Homeland Security and Government Affairs Committee and as the intelligence specialist at the Congressional Research Service.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our incident response plan is designed to escalate certain cybersecurity incidents, including breaches, to members of management depending on the circumstances, including our CISO, Chief Legal Officer, and other members of leadership when appropriate. The security incident and response team works with relevant subject matter experts across the organization when necessary to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s incident response plan includes reporting to the board of directors for cybersecurity incidents the Company's disclosure committee determines are material. The disclosure committee, which includes members of management such as our Chief Financial Officer and Chief Legal Officer, meets quarterly. The CISO acts in an advisory capacity to the Company's disclosure committee on an as-needed basis. Our board of directors receives periodic reports at least annually from our CISO concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Our board of directors also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Other Comprehensive Income [Abstract]
Net loss	$ (121,677)	$ (158,058)	$ (133,088)
Other comprehensive income:
Foreign currency translation adjustment	0	0	565
Unrealized gain on investments in available-for-sale-securities	59	908	7,713
Total other comprehensive income	59	908	8,278
Comprehensive loss	$ (121,618)	$ (157,150)	$ (124,810)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Stockholders' Equity - Market-Based Performance Stock Units (MPSU) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation (benefit) expense	$ 117,323	$ 107,930	$ 136,303
MPSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate, minimum	3.37%
Risk-free interest rate, maximum	3.68%
Expected volatility rate	80.00%
Stock-based compensation (benefit) expense	$ (3,000)	$ 2,800	$ 5,900
Unrecognized stock-based compensation cost	$ 100
Weighted-average period of recognition	1 year 10 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Balance Sheet Information - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8,254	$ 7,054	$ 5,029
Additions to the reserves	4,181	3,834	2,025
Write-offs and adjustments	(6,173)	(2,634)	0
Ending balance	$ 6,262	$ 8,254	$ 7,054

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

The useful lives of the intangible assets are as follows:


Customer relationships			3 to 8 years
Developed technology			4 to 5 years
Trade names			3 to 4 years
Internet protocol addresses			10 years

As of December 31, 2025 and December 31, 2024, the Company’s intangible assets consisted of the following:


	As of December 31, 2025						As of December 31, 2024
	Gross carrying value		Accumulated amortization		Net carrying value		Gross carrying value		Accumulated amortization		Net carrying value
	(in thousands)
Intangible assets:
Customer relationships	$	69,100	$	(45,347)	$	23,753	$	69,860	$	(37,364)	$	32,496
Developed technology	49,500		(49,500)		—		50,130		(42,482)		7,648
Trade names	3,300		(3,300)		—		3,910		(3,694)		216
Internet protocol addresses	4,984		(2,966)		2,018		4,984		(2,468)		2,516
Total intangible assets	$	126,884	$	(101,113)	$	25,771	$	128,884	$	(86,008)	$	42,876

Schedule of Expected Amortization Expense of Intangible Assets

The expected amortization expense of intangible assets subject to amortization as of December 31, 2025 is as follows:


	As of December 31, 2025
	(in thousands)
Year ending December 31,
2026	$	9,064
2027	9,051
2028	6,891
2029	378
2030	281
Thereafter	106
Total	$	25,771

Balance Sheet Information - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Impairment charge		$ 2,800
Impairment expense	$ 415	4,144	$ 4,316
Depreciation and amortization	61,000	54,000	51,600
Property and equipment, net	186,785	179,097
Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Impairment expense			3,000
Property, Plant And Equipment, Advance Payments
Property, Plant and Equipment [Line Items]
Impairment expense			1,300
Internal-use software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	22,600	17,000	$ 14,000
Property and equipment, net	$ 81,400	$ 79,500

Cover Page - USD ($) shares in Millions, $ in Billions	12 Months Ended
Cover Page - USD ($) shares in Millions, $ in Billions	Dec. 31, 2025	Feb. 13, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-38897
Entity Registrant Name	FASTLY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-5411834
Entity Address, Address Line One	475 Brannan Street, Suite 300
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94107
City Area Code	844
Local Phone Number	432-7859
Title of 12(b) Security	Class A Common Stock, $0.00002 par value
Trading Symbol	FSLY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 1.0
Entity Common Stock, Shares Outstanding		151.8
Documents Incorporated by Reference	Portions of the registrant’s Definitive Proxy Statement relating to the 2026 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2025.
Entity Central Index Key	0001517413
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false

Nature of Business	12 Months Ended
Nature of Business	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business Fastly, Inc. is an edge cloud platform that can process, serve, and secure its customers' applications as close to their end users as possible. The Company was incorporated in Delaware in 2011 and is headquartered in San Francisco, California. As used herein, “Fastly,” “the Company,” “its” and similar terms include Fastly, Inc. and its subsidiaries, unless the context indicates otherwise.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 2,488	$ 2,604	$ (221)
Unrecognized tax benefit that would impact income tax provision	27,800	26,000
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	698,200	635,900
Federal \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	55,700
State
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	647,100	$ 621,000
State \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	16,800
Foreign Tax Jurisdiction \| United Kingdom:
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 15,200