Verisign Verisign confirmed registry of .Web, with monetization to begin later in 2026; Accretive to 2027 estimates

Research evidence excerpt

Verisign Verisign confirmed registry of .Web, with monetization to begin later in 2026; Accretive to 2027 estimates

J P M O R G A N North America Equity Research

22 July 2026

Verisign Neutral

VRSN, VRSN US

Verisign confirmed registry of .Web, with monetization Price (22 Jul 26):$262.59

to begin later in 2026; Accretive to 2027 estimates

Vertical SaaS & HealthTech

VeriSign announced that the .web generic top-level domain (gTLD) has been Alexei Gogolev AC

delegated into the DNS root zone, with Verisign confirmed as the designated (1-212) 622-9391

registry operator following the confidential resolution of all prior disputes. This alexei.gogolev@jpmorgan.com

follows years of legal dispute among the three parties involved in the proceedings— Ella Smith

ICANN, VRSN, and Alto Novo—which VRSN ultimately won, clearing the way for (1-212) 622-2451

ICANN to delegate .web to Verisign. Verisign will operate .web using its existing ella.smith@jpmchase.com

globally distributed registry infrastructure and must now complete several months of Destiny Jackson

security and compliance checks before it can begin selling .web domains, with (1-212) 622-4360

destiny.jackson@jpmorgan.com

management targeting later 2026E for the initial sale process. Notably, .web will be

Isabella A Camaj

governed by ICANN's Base Registry Agreement and, unlike .com, will not be subject (1-212) 834-2379

to the Cooperative Agreement with the U.S. Department of Commerce, giving bella.camaj@jpmorgan.com

Verisign greater pricing and operational flexibility. J.P. Morgan Securities LLC

• Core registry operations stay focus. We expect Verisign to prioritize

monetizing .web within its core registry franchise rather than pursuing a

transformative new-product strategy, consistent with a capital allocation