VeriSign, Inc.

VeriSign's flat domain base has turned into its fastest growth in years. Management raised 2026 guidance twice, to 5.2-6%, on record registrations. Whether the demand is real, or a rush before November's .com price rise, decides the next year. How much of the registration surge comes from AI tools rather than programs?

• The domain base is growing again, and extra names are nearly pure profit.

  Registrations set records two quarters running and the Q1 renewal rate was the highest in 20 years, so management raised 2026 growth guidance twice, crediting retooled registrar programs and AI that makes building a site easier. How much of the 2026 growth guidance was already delivered in the first half?

• Much of the growth is bought with discounts, so names outrun dollars.

  Registrar programs that drive registrations are booked as a cut in revenue, and management cannot yet separate their effect from AI's. Registrations are growing far faster than revenue, so each new name brings in less. How much has revenue per domain name fallen as the discounts grow?

• What management just unlocked pays off later, not this year.

  .web is live but contributes nothing this year, and only about half of November's .com price increase reaches 2027 revenue: a name renewing late in 2027 does not reflect the new price until 2028. So 2026 rests on registrations alone.