Company: MSTR
Filing Date: 2025-11-04
Form Type: 424B5
Source: 0001193125-25-263731
Chunk: 2

Company: Strategy Inc
Filing Date: 2025-11-04
Form: 424B5
Chunk 2
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 RELATED TO THE OFFERING

You should read this Common Stock Annex in conjunction with the base prospectus supplement dated November 4, 2025 and the accompanying prospectus dated
January 27, 2025. This Common Stock Annex contains the specific terms of our at-the-market offering of up to $15,854,365,265.54 of shares of our class A common
stock and the base prospectus supplement describes the terms applicable to our at-the-market offerings of class A common stock and preferred stock in general. You should
carefully consider, among other things, the matters set forth under “Risk Factors Related to the ATM Offering Programs” in the base prospectus supplement and “Risk Factors” in this Common Stock Annex.

You may access the base prospectus supplement and accompanying prospectus on the SEC website at www.sec.gov as follows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website): https://www.sec.gov/Archives/edgar/data/1050446/000119312525263653/d87896d424b2.htm

TABLE OF CONTENTS PROSPECTUS SUPPLEMENT COMMON STOCK ANNEX

| THE OFFERING         |     | SA-1 |
| RISK FACTORS         |     | SA-3 |
| USE OF PROCEEDS      |     | SA-6 |
| DIVIDEND POLICY      |     | SA-7 |
| PLAN OF DISTRIBUTION |     | SA-8 |
| LEGAL MATTERS        |     | SA-9 |

THE OFFERING

| Class A common stock offered by us | Shares of our class A common stock having an aggregate offering price of up to $15,854,365,265.54. |

| Class A common stock to be outstanding immediately after this offering | Up to 327,615,873 shares, assuming sales of $15,854,365,265.54 shares of our class A common stock in this offering at a price of $264.67 per share, which was the last reported sale price of our class A common stock on The Nasdaq Global Select 
 Market on November 3, 2025. The actual number of shares issued will vary depending on the sales price under this offering.                                                                                                                         |

| Manner of offering | “At the market” offering that may be made from time to time through the Agents. See “Plan of Distribution” beginning on page SA-8 of this Common Stock Annex. |

| Use