Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263731
Chunk: 1

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 1
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 supplement for gross proceeds of $5,145,634,734.46, with shares of class A common stock with an aggregate offering price of up to $15,854,365,265.54 remaining unsold under such offering. As of the date of this Common Stock Annex, we have terminated such prior offering of class A common stock and the sales agreement relating to such prior offering and such unsold shares of class A common stock will no longer be offered and sold under the prior prospectus supplement. Instead, the remaining $15,854,365,265.54 of our class A common stock will be offered and sold under this Common Stock Annex, the base prospectus supplement dated November 4, 2025 and the accompanying prospectus. Our class A common stock is listed on The Nasdaq Global Select Market under the trading symbol “MSTR.” On November 3, 2025, the last sale price of our class A common stock as reported on The Nasdaq Global Select Market was $264.67 per share. Our business and an investment in our class A common stock involve significant risks. These risks are described under the caption “ Risk Factors” beginning on page SA-3of this Common Stock Annex, under the caption “Risk Factors”, “Risk Factors Related to the ATM Offering Programs” and “Risk Factor Updates” in the accompanying base prospectus supplement dated November 4, 2025, and prospectus and in the documents incorporated by reference into the accompanying base prospectus supplement dated November 4, 2025, and prospectus. Neither the SEC nor any state or foreign securities commission or regulatory authority has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Common Stock Annex, the base prospectus supplement dated November 4, 2025 or the accompanying prospectus. Any representation to the contrary is a criminal offense.

| TD Securities         |     | Barclays                |     | The Benchmark Company |     | BTIG                     |
| Canaccord Genuity     |     | Cantor                  |     | Clear Street          |     | Compass Point            |
| H.C. Wainwright & Co. |     | Keefe, Bruyette & Woods 
 A Stifel Company        |     | Maxim Group LLC       |     | Mizuho                   |
| Morgan Stanley        |     | Santander               |     | SOCIETE GENERALE      |     | Texas Capital Securities |

November 4, 2025

ADDITIONAL DOCUMENTS