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Table of Contents drove higher usage, expansion, and broader adoption across our offerings. The number of customers with $100,000 or more of revenue on a TTM basis grew from approximately 200 as of December 31, 2024 to approximately 1,500 as of December 31, 2025. Total revenue from these customers grew from approximately $220 million to $3.5 billion and represented approximately 57% and 76% of total revenue for the years ended December 31, 2024 and 2025, respectively. Operating Expenses Compute and Infrastructure (in millions, except for percentages) Compute and infrastructure Percentage of revenue Year Ended December 31, 2024 2025 $ Change % Change $ 2,522 $ 7,326 $ 4,804 190 % 653 % 160 % Compute and infrastructure expenses for the year ended December 31, 2025 increased by $4.8 billion, or 190%, compared to the year ended December 31, 2024. The increase was driven by the delivery of committed compute in tranches throughout 2025 under our CSP arrangements entered into in prior years. As each tranche became available to use, compute and infrastructure expenses increased accordingly. Compute and infrastructure expenses as a percentage of revenue decreased as revenue increased significantly in 2025 compared to 2024, against a compute base that was committed in advance and did not fluctuate with in- period demand. Personnel (in millions, except for percentages) Personnel Percentage of revenue Year Ended December 31, 2024 2025 $ Change % Change $ 454 118 % $ 1,839 $ 1,385 305 % 40 % Personnel expenses for the year ended December 31, 2025 increased by $1.4 billion, or 305%, compared to the year ended December 31, 2024. The increase was primarily driven by a $973 million increase in stock-based compensation expense and a $339 million increase in cash compensation, both as a result of headcount growth. Bartz Settlement (in millions, except for percentages) Bartz settlement Percentage of revenue ______________ NM – Not meaningful. Year Ended December 31, 2024 2025 $ Change % Change $ — — % $ 1,500 $ 1,500 NM 33 % Bartz settlement for the year ended December 31, 2025 increased by $1.5 billion compared to the year ended December 31, 2024. The increase was entirely driven by the preliminary legal settlement for Bartz reached during the period. Sales, Marketing, and Partnerships (in millions, except for percentages) 2024 2025 $ Change % Change Sales, marketing, and partnerships $ Percentage of revenue $ 43 11 % 568 $ 525 1,221 % 12 % Year Ended December 31, 151
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