MongoDBreason 03 of 4it is wired into how the customer already worksderived 2026-09-08accession 0001628280-26-059830
MongoDB's land-and-expand model generates durable revenue growth from existing customers expanding usage across departments and new applications, evidenced by 122% net ARR expansion. The $100K+ customer cohort growing 17% indicates enterprise adoption is deepening, with larger accounts driving disproportionate revenue contribution.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on
“The number of customers with $100,000 or greater in ARR was 2,999 and 2,564 as of July 31, 2026 and 2025, respectively”
“As of July 31, 2026, our net ARR expansion rate was 122%”
“Subscription revenue increased by $309.5 million primarily due to an increase in consumption of Atlas by our large existing customers and growth in MongoDB Enterprise Advanced, reflecting ongoing expansion within our customer base”
what it was checked against
self-serve customer growth pattern
“We have experienced strong growth in self-serve customers of Atlas, which are charged monthly in arrears based on their usage.”
land-and-expand conversion strategy
“A core component of our growth strategy for Atlas and MongoDB Enterprise Advanced is to convert developers and their organizations who are already using Community Server or the free tier of Atlas to become customers of our commercial products and enjoy the benefits of either a self-managed or hosted offering.”