XML 43 R32.htm IDEA: XBRL DOCUMENT
v3.25.2

At-the-Market Equity Offerings (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
At Market Equity Offerings [Abstract] |
Summary of Active At-the-Market Equity Offering | The following table summarizes the terms and provisions of each sales agreement, and each Common Stock ATM Offering that was active during the six months ended June 30, 2025 and the year ended December 31, 2024. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each Common Stock ATM Offering in the following table are reported in thousands.
|  | May 2025 Sales Agreement |  |  | October 2024 Sales Agreement |  |  | August 2024 Sales Agreement |  |  | November 2023 Sales Agreement |  |
Agreement effective date |  | May 1, 2025 |  |  | October 30, 2024 |  |  | August 1, 2024 |  |  | November 30, 2023 |  |
Maximum aggregate offering price |  | $ | 21,000,000 |  |  | $ | 21,000,000 |  |  | $ | 2,000,000 |  |  | $ | 750,000 |  |
Maximum commissions payable to sales agents on gross proceeds from the sale of shares |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |
Date terminated/substantially depleted |  | n/a |  |  | April 30, 2025 |  |  | November 19, 2024 |  |  | July 31, 2024 |  |
As of June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |
Cumulative shares of class A common stock sold under such sales agreement |  |  | 7,137,083 |  |  |  | 58,384,669 |  |  |  | 11,685,355 |  |  |  | 12,720,770 |  |
Cumulative net proceeds received from shares of class A common stock sold under such sales agreement |  | $ | 2,885,277 |  |  | $ | 20,962,051 |  |  | $ | 1,993,273 |  |  | $ | 747,025 |  |
Maximum aggregate offering price remaining available for sale under such sales agreement (1) |  | $ | 18,111,044 |  |  | n/a |  |  | n/a |  |  | n/a |  |
(1) Refer to Note 14, Subsequent Events, for Common Stock ATM Offering activity for the period from July 1, 2025 through July 31, 2025. The following table summarizes the terms and provisions of each sales agreement, and each Preferred Stock ATM Offering that was active during the six months ended June 30, 2025. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each Preferred Stock ATM Offering in the following table are reported in thousands.
|  | STRK Sales Agreement |  |  | STRF Sales Agreement |
Agreement effective date |  | March 10, 2025 |  |  | May 22, 2025 |
Maximum aggregate offering price |  | $ | 21,000,000 |  |  | $ | 2,100,000 |
Maximum commissions payable to sales agents on gross proceeds from the sale of shares |  |  | 2.0 | % |  |  | 2.0 | %
Date terminated/substantially depleted |  | n/a |  |  | n/a |
As of June 30, 2025: |  |  |  |  |  |
Cumulative shares of Preferred Stock sold under such sales agreement |  |  | 4,901,367 |  |  |  | 1,566,750 |
Cumulative net proceeds received from shares of Preferred Stock sold under such sales agreement |  | $ | 477,190 |  |  | $ | 163,034 |
Maximum aggregate offering price remaining available for sale under such sales agreement (1) |  | $ | 20,522,113 |  |  | $ | 1,936,702 |
(1) Refer to Note 14, Subsequent Events, for Preferred Stock ATM Offering activity for the period from July 1, 2025 through July 31, 2025.
Summary of Sales Activity of Sales Agreement for At-the-Market Equity Offering | The following table summarizes the sales activity of each sales agreement that was active during 2025 or 2024 for the periods indicated. The net proceeds (less sales commissions and expenses) for each Common Stock ATM Offering in the following table are reported in thousands.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Number of shares of class A common stock sold under such sales agreement: |  |  |  |  |  |  |  |  |  |  |  |
November 2023 Sales Agreement |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 1,951,620 |
August 2024 Sales Agreement |  |  | 0 |  |  | n/a |  |  |  | 0 |  |  | n/a |
October 2024 Sales Agreement |  |  | 7,088,537 |  |  | n/a |  |  |  | 19,713,132 |  |  | n/a |
May 2025 Sales Agreement |  |  | 7,137,083 |  |  | n/a |  |  |  | 7,137,083 |  |  | n/a |
Total shares of class A common stock sold pursuant to Common Stock ATM Offerings |  |  | 14,225,620 |  |  |  | 0 |  |  |  | 26,850,215 |  |  |  | 1,951,620 |
Net proceeds received from shares of class A common stock sold under such sales agreement: |  |  |  |  |  |  |  |  |  |  |  |
November 2023 Sales Agreement |  | $ | 0 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 137,152 |
August 2024 Sales Agreement |  |  | 0 |  |  | n/a |  |  |  | 0 |  |  | n/a |
October 2024 Sales Agreement |  |  | 2,363,415 |  |  | n/a |  |  |  | 6,762,620 |  |  | n/a |
May 2025 Sales Agreement |  |  | 2,885,277 |  |  | n/a |  |  |  | 2,885,277 |  |  | n/a |
Total net proceeds received from shares of class A common stock sold pursuant to Common Stock ATM Offerings |  | $ | 5,248,692 |  |  | $ | 0 |  |  | $ | 9,647,897 |  |  | $ | 137,152 |
Summary of Sales Activity of Each Preferred Stock ATM Offering | The following table summarizes the sales activity of each Preferred Stock ATM Offering that was active during 2025 for the periods indicated. The net proceeds (less sales commissions and expenses) for each Preferred Stock ATM Offering in the following table are reported in thousands.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |
|  | 2025 |
Number of shares of Preferred Stock sold under such sales agreement: |  |  |  |  |  |
STRK Sales Agreement |  |  | 4,551,460 |  |  |  | 4,901,367 |
STRF Sales Agreement |  |  | 1,566,750 |  |  |  | 1,566,750 |
Total shares of Preferred Stock sold pursuant to Preferred Stock ATM Offerings (1) |  |  | 6,118,210 |  |  |  | 6,468,117 |
Net proceeds received from shares of Preferred Stock sold under such sales agreement: |  |  |  |  |  |
STRK Sales Agreement |  | $ | 446,792 |  |  | $ | 477,190 |
STRF Sales Agreement |  |  | 163,034 |  |  |  | 163,034 |
Total net proceeds received from shares of Preferred Stock sold pursuant to Preferred Stock ATM Offerings (1) |  | $ | 609,826 |  |  | $ | 640,224 |
(1) Refer to Note 14, Subsequent Events, for Preferred Stock ATM Offering activity for the period from July 1, 2025 through July 31, 2025.

X
- Definition At-the-market equity offerings. + References No definition available. + Details
Name: | mstr_AtMarketEquityOfferingsAbstract
Namespace Prefix: | mstr_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of active at-the-market equity offering. + References No definition available. + Details
Name: | mstr_SummaryOfActiveAtMarketEquityOfferingTableTextBlock
Namespace Prefix: | mstr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of sales activity of each preferred stock atm offering table text block. + References No definition available. + Details
Name: | mstr_SummaryOfSalesActivityOfEachPreferredStockATMOfferingTableTextBlock
Namespace Prefix: | mstr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of sales activity of sales agreement for at-the-market equity offering. + References No definition available. + Details
Name: | mstr_SummaryOfSalesActivityOfSalesAgreementForAtTheMarketEquityOfferingTableTextBlock
Namespace Prefix: | mstr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration