Information systems development (ISD) has been part of the core of information systems for over 40 years. Throughout its history, the issue of risk has been closely related to ISD projects, and significant efforts have been made by researchers and practitioners to improve their quality. While important headway has been made in assessing and resolving ISD risk, the literature shows that new and salient risks emerge outside the scope of extant risk management regimes. As a consequence, organizations still struggle with leveraging new tech- nology as projects continue to fail at almost the same rate, albeit for different reasons. Understood as the distinction between reality and possibility, risk is inherently intertwined with practice and rooted in the knowledge, goals, power, and values of specific actors in particular contexts. Hence, to understand how risks emerge, we present a longitudinal case study in which we trace the origin and locus of risks in contemporary ISD practices. We draw on these insights to theorize information technology risk as increasingly inter- stitial, originating from sources positioned in between established practices and therefore outside the scope of conventional risk anal- yses. In conclusion, we discuss interstitial risks as an important form of emergent risk with implications for both research and practice.