monday.com's AI ARR doubled QoQ and is now 17% of net new ARR.

Q2 2026 showed $365M revenue up 22% YoY, ARR crossing $1.5B in July, NDR at 109% guided down to 108%. Co-CEO Eran Zinman called it the first time customers expand on AI consumption rather than only human seats. This is the concrete counter-evidence to the thesis that agents collapse per-seat NRR: the seat-plus-credit hybrid is producing measurable expansion, at least while credit buckets are still generously sized. Watch the guide-down.