PALANTIR TECHNOLOGIES INC., 10-Q filed on 8/5/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 28, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-39540  
Entity Registrant Name Palantir Technologies Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 68-0551851  
Entity Address, Address Line One 1200 17th Street, Floor 15  
Entity Address, City or Town Denver  
Entity Address, State or Province CO  
Entity Address, Postal Zip Code 80202  
City Area Code (720)  
Local Phone Number 358-3679  
Title of 12(b) Security Class A Common Stock, par value $0.001 per share  
Trading Symbol PLTR  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001321655  
Amendment Flag false  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,274,261,581
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   97,075,840
Class F Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,005,000
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 929,547 $ 2,098,524
Marketable securities 5,070,875 3,131,463
Accounts receivable, net 747,484 575,048
Prepaid expenses and other current assets 142,487 129,254
Total current assets 6,890,393 5,934,289
Property and equipment, net 43,523 39,638
Operating lease right-of-use assets 203,474 200,740
Other assets 228,298 166,217
Total assets 7,365,688 6,340,884
Current liabilities:    
Accounts payable 10,774 103
Accrued liabilities 393,623 427,046
Deferred revenue 376,784 259,624
Customer deposits 262,994 265,252
Operating lease liabilities 45,465 43,993
Total current liabilities 1,089,640 996,018
Deferred revenue, noncurrent 44,638 39,885
Customer deposits, noncurrent 1,491 1,663
Operating lease liabilities, noncurrent 192,347 195,226
Other noncurrent liabilities 12,008 13,685
Total liabilities 1,340,124 1,246,477
Commitments and Contingencies (Note 7)
Palantir's stockholders’ equity:    
Common stock, $0.001 par value 2,372 2,339
Additional paid-in capital 10,568,473 10,193,970
Accumulated other comprehensive income (loss), net 4,721 (5,611)
Accumulated deficit (4,646,665) (5,187,423)
Total Palantir's stockholders’ equity 5,928,901 5,003,275
Noncontrolling interests 96,663 91,132
Total equity 6,025,564 5,094,407
Total liabilities and equity $ 7,365,688 $ 6,340,884
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Common stock authorized (in shares) 22,701,005,000 22,701,005,000
Common stock, issued (in shares) 2,371,847,000 2,338,795,000
Common stock, outstanding (in shares) 2,371,847,000 2,338,795,000
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock authorized (in shares) 20,000,000,000 20,000,000,000
Common stock, issued (in shares) 2,273,764,000 2,242,389,000
Common stock, outstanding (in shares) 2,273,764,000 2,242,389,000
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock authorized (in shares) 2,700,000,000 2,700,000,000
Common stock, issued (in shares) 97,078,000 95,401,000
Common stock, outstanding (in shares) 97,078,000 95,401,000
Class F Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock authorized (in shares) 1,005,000 1,005,000
Common stock, issued (in shares) 1,005,000 1,005,000
Common stock, outstanding (in shares) 1,005,000 1,005,000
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenue $ 1,003,697 $ 678,134 $ 1,887,552 $ 1,312,472
Cost of revenue 192,934 128,562 365,904 244,818
Gross profit 810,763 549,572 1,521,648 1,067,654
Operating expenses:        
Sales and marketing 243,788 196,809 480,097 389,986
Research and development 135,043 108,781 269,932 218,821
General and administrative 162,615 138,643 326,254 272,627
Total operating expenses 541,446 444,233 1,076,283 881,434
Income from operations 269,317 105,339 445,365 186,220
Interest income 56,255 46,593 106,696 89,945
Other income (expense), net 6,596 (11,173) 3,423 (24,680)
Income before provision for income taxes 332,168 140,759 555,484 251,485
Provision for income taxes 3,596 5,189 9,195 9,844
Net income 328,572 135,570 546,289 241,641
Less: Net income attributable to noncontrolling interests 1,845 1,444 5,531 1,985
Net income attributable to common stockholders $ 326,727 $ 134,126 $ 540,758 $ 239,656
Earnings per share attributable to common stockholders, basic $ 0.14 $ 0.06 $ 0.23 $ 0.11
Earnings per share attributable to common stockholders, diluted $ 0.13 $ 0.06 $ 0.21 $ 0.10
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, basic 2,365,196 2,231,592 2,356,983 2,222,569
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, diluted 2,562,912 2,414,696 2,557,911 2,407,402
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 328,572 $ 135,570 $ 546,289 $ 241,641
Other comprehensive income (loss), net of tax        
Foreign currency translation adjustments 8,812 731 12,665 (1,168)
Net unrealized loss on available-for-sale securities (1,097) (53) (2,333) (4,675)
Comprehensive income 336,287 136,248 556,621 235,798
Less: Comprehensive income attributable to noncontrolling interests 1,845 1,337 5,531 1,878
Comprehensive income attributable to common stockholders $ 334,442 $ 134,911 $ 551,090 $ 233,920
v3.25.2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Thousands
Total
Total Palantir’s Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss), Net
Accumulated Deficit
AOCI Attributable to Noncontrolling Interest
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023     2,200,128,000          
Beginning balance at Dec. 31, 2023 $ 3,560,965 $ 3,475,561 $ 2,200 $ 9,122,173 $ 801 $ (5,649,613)   $ 85,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from the exercise of stock options (in shares)     20,876,000          
Issuance of common stock from the exercise of stock options 99,870 99,870 $ 21 99,849        
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)     18,090,000          
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)     $ 18 (18)        
Repurchases of common stock (in shares)     (1,155,000)          
Repurchases of common stock (26,699) (26,699) $ (1) (26,698)        
Stock-based compensation 267,872 267,872   267,872        
Other comprehensive income (5,843) (5,736)     (5,736)   $ (107)  
Net income 241,641 239,656       239,656   1,985
Ending balance (in shares) at Jun. 30, 2024     2,237,939,000          
Ending balance at Jun. 30, 2024 4,137,806 4,050,524 $ 2,238 9,463,178 (4,935) (5,409,957)   87,282
Beginning balance (in shares) at Mar. 31, 2024     2,226,963,000          
Beginning balance at Mar. 31, 2024 3,861,172 3,775,227 $ 2,227 9,322,803 (5,720) (5,544,083)   85,945
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from the exercise of stock options (in shares)     3,394,000          
Issuance of common stock from the exercise of stock options 16,030 16,030 $ 4 16,026        
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)     8,369,000          
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)     $ 8 (8)        
Repurchases of common stock (in shares)     (787,000)          
Repurchases of common stock (17,699) (17,699) $ (1) (17,698)        
Stock-based compensation 142,055 142,055   142,055        
Other comprehensive income 678 785     785   $ (107)  
Net income 135,570 134,126       134,126   1,444
Ending balance (in shares) at Jun. 30, 2024     2,237,939,000          
Ending balance at Jun. 30, 2024 $ 4,137,806 4,050,524 $ 2,238 9,463,178 (4,935) (5,409,957)   87,282
Beginning balance (in shares) at Dec. 31, 2024 2,338,795,000   2,338,795,000          
Beginning balance at Dec. 31, 2024 $ 5,094,407 5,003,275 $ 2,339 10,193,970 (5,611) (5,187,423)   91,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from the exercise of stock options (in shares) 19,102,000   19,102,000          
Issuance of common stock from the exercise of stock options $ 95,201 95,201 $ 19 95,182        
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)     14,325,000          
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)     $ 14 (14)        
Repurchases of common stock (in shares)     (375,000)          
Repurchases of common stock (36,594) (36,594) $ 0 (36,594)        
Stock-based compensation 315,929 315,929   315,929        
Other comprehensive income 10,332 10,332     10,332      
Net income $ 546,289 540,758       540,758   5,531
Ending balance (in shares) at Jun. 30, 2025 2,371,847,000   2,371,847,000          
Ending balance at Jun. 30, 2025 $ 6,025,564 5,928,901 $ 2,372 10,568,473 4,721 (4,646,665)   96,663
Beginning balance (in shares) at Mar. 31, 2025     2,359,663,000          
Beginning balance at Mar. 31, 2025 5,518,973 5,424,155 $ 2,360 10,398,181 (2,994) (4,973,392)   94,818
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Issuance of common stock from the exercise of stock options (in shares)     5,528,000          
Issuance of common stock from the exercise of stock options 28,617 28,617 $ 5 28,612        
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)     6,820,000          
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)     $ 7 (7)        
Repurchases of common stock (in shares)     (164,000)          
Repurchases of common stock (18,596) (18,596) $ 0 (18,596)        
Stock-based compensation 160,283 160,283   160,283        
Other comprehensive income 7,715 7,715     7,715      
Net income $ 328,572 326,727       326,727   1,845
Ending balance (in shares) at Jun. 30, 2025 2,371,847,000   2,371,847,000          
Ending balance at Jun. 30, 2025 $ 6,025,564 $ 5,928,901 $ 2,372 $ 10,568,473 $ 4,721 $ (4,646,665)   $ 96,663
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 546,289 $ 241,641
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity [Abstract]    
Depreciation and amortization 13,152 16,494
Stock-based compensation 315,310 267,415
Unrealized and realized (gain) loss from marketable securities, net (452) 20,042
Noncash consideration (24,441) (26,484)
Other operating activities 26,533 11,351
Changes in operating assets and liabilities:    
Accounts receivable, net (163,501) (298,311)
Prepaid expenses and other assets (7,307) 2,797
Accounts payable and accrued liabilities 48,202 22,824
Contract liabilities 120,666 33,269
Other liabilities (24,937) (17,272)
Net cash provided by operating activities 849,514 273,766
Investing activities    
Purchases of property and equipment (13,818) (5,543)
Purchases of marketable securities (2,576,231) (1,784,115)
Proceeds from sales and redemption of marketable securities 652,762 1,133,535
Purchases of privately-held securities (70,000) (4,000)
Net cash used in investing activities (2,007,287) (660,123)
Financing activities    
Proceeds from the exercise of common stock options 95,201 99,870
Repurchases of common stock (36,594) (26,699)
Taxes paid related to net share settlement of equity awards (81,117) 0
Other financing activities 63 102
Net cash provided by (used in) financing activities (22,447) 73,273
Effect of foreign exchange on cash, cash equivalents, and restricted cash 11,518 (4,948)
Net decrease in cash, cash equivalents, and restricted cash (1,168,702) (318,032)
Cash, cash equivalents, and restricted cash - beginning of period 2,119,936 850,107
Cash, cash equivalents, and restricted cash - end of period $ 951,234 $ 532,075
v3.25.2
Organization
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Palantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers.
v3.25.2
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income from operations, net income, or cash flows. The Company's fiscal year ends on December 31.
The unaudited condensed consolidated balance sheet as of December 31, 2024 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.
These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 18, 2025.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods.
Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, the valuation and recognition of stock-based compensation awards, and the collectability of contract consideration, including accounts receivable. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations.
Summary of Significant Accounting Policies
The Company’s significant accounting policies are discussed in Note 2. Significant Accounting Policies in the notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 18, 2025. There have been no significant changes to these policies during the six months ended June 30, 2025, except for the changes noted below.
Cash, Cash Equivalents, and Restricted Cash
The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds and U.S. Treasury securities with original maturities of three months or less.
Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands):
As of June 30,
20252024
Cash and cash equivalents$929,547 $512,659 
Restricted cash included in prepaid expenses and other current assets9,015 — 
Restricted cash included in other assets12,672 19,416 
Total cash, cash equivalents, and restricted cash$951,234 $532,075 
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds and U.S. Treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.
The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of June 30, 2025 and December 31, 2024 were $747.5 million and $575.0 million, respectively. Customer I represented 22% and 26% of total accounts receivable as of June 30, 2025 and December 31, 2024, respectively, and no other customer represented more than 10% of total accounts receivable as of June 30, 2025 or December 31, 2024.
For the three and six months ended June 30, 2025 and 2024, no customer represented more than 10% of total revenue.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes – Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
v3.25.2
Contract Liabilities and Remaining Performance Obligations
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Contract Liabilities and Remaining Performance Obligations Contract Liabilities and Remaining Performance Obligations
Contract Liabilities
The Company’s contract liabilities consist of deferred revenue and customer deposits. As of June 30, 2025 and December 31, 2024, the Company's contract liabilities were $685.9 million and $566.4 million, respectively. Revenue of $403.6 million and $362.4 million was recognized during the six months ended June 30, 2025 and 2024, respectively, that was included in contract liabilities as of December 31, 2024 and 2023, respectively.
Remaining Performance Obligations
The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with
original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation.
The Company’s remaining performance obligations were $2.4 billion as of June 30, 2025, of which the Company expects to recognize approximately 42% as revenue over the next 12 months, 39% as revenue over the subsequent 13 to 36 months, and the remainder thereafter.
Disaggregation of Revenue
See Note 12. Segment and Geographic Information for disaggregated revenue by customer segment and geographic region.
v3.25.2
Investments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands):
As of June 30, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$477,208 $477,208 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,822 — 4,822 — 
Marketable securities:
U.S. Treasury securities5,022,804 — 5,022,804 — 
Publicly-traded equity securities48,071 48,071 — — 
Total$5,552,905 $525,279 $5,027,626 $— 
As of December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$1,823,046 $1,823,046 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,826 — 4,826 — 
Marketable securities:
U.S. Treasury securities3,110,687 — 3,110,687 — 
Publicly-traded equity securities20,776 20,776 — — 
Total$4,959,335 $1,843,822 $3,115,513 $— 
Certificates of Deposit
The Company’s certificates of deposit are Level 2 instruments. The fair value of such instruments is estimated based on valuations obtained from third-party pricing services that utilize industry standard valuation models, including both income-based and market-based approaches, for which all significant inputs are observable either directly or indirectly. These inputs include interest rate curves, foreign exchange rates, and credit ratings.
Debt Securities
As of June 30, 2025 and December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):
As of June 30, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$5,024,728 $10 $(1,934)$5,022,804 
Total debt securities$5,024,728 $10 $(1,934)$5,022,804 
As of December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$3,110,278 $1,022 $(613)$3,110,687 
Total debt securities$3,110,278 $1,022 $(613)$3,110,687 
The Company did not sell any available-for-sale debt securities during the three months ended June 30, 2025 or the three and six months ended June 30, 2024. The Company sold $279.7 million of available-for-sale debt securities during the six months ended June 30, 2025. The realized gains and losses from those sales were immaterial. No credit or non-credit losses related to debt securities were recorded during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025 and December 31, 2024, available-for-sale debt securities of $4.9 billion and $0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to initial purchase. None of the available-for-sale debt securities held as of June 30, 2025 or December 31, 2024 were in a continuous unrealized loss position for greater than 12 months. The decline in fair value below amortized cost basis was not attributed to credit-related factors and it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis. No credit-related impairment losses were recorded as of June 30, 2025 or December 31, 2024. All of the Company’s U.S. Treasury securities had contractual maturities due within one year as of June 30, 2025 and December 31, 2024.
Equity Securities
The Company holds equity securities in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. For the three and six months ended June 30, 2025, net unrealized gains from publicly-traded equity securities held at the end of the period were $12.6 million and $1.9 million, respectively. For the three and six months ended June 30, 2024, net unrealized losses from publicly-traded equity securities held at the end of the period were $6.6 million and $12.2 million, respectively.
The Company also holds equity securities in privately-held companies without readily determinable fair values that are recorded using the measurement alternative. As of June 30, 2025 and December 31, 2024, the total amount of privately-held equity securities included in other assets on the consolidated balance sheets was $122.9 million and $64.9 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. There were no material upward or downward adjustments or impairments for the privately-held equity securities during the three and six months ended June 30, 2025 or 2024. Cumulative downward adjustments and impairments and cumulative upward adjustments were not material on privately-held equity securities held by the Company as of June 30, 2025.
Additionally, we have accepted, and may continue to accept, securities as noncash consideration. Total equity securities received as noncash consideration was $16.8 million and $30.3 million during the six months ended June 30, 2025 and 2024, respectively.
Strategic Commercial Contracts
From 2021 through 2022, the Company approved and entered into certain agreements (“Investment Agreements”) to purchase shares of various entities, including special purpose acquisition companies and/or other privately-held or publicly-traded entities (each, an “Investee,” and such purchases, the “Investments”). No Investments were purchased under such Investment Agreements during the six months ended June 30, 2025 or the fiscal year ended December 31, 2024.
In connection with signing the Investment Agreements, each Investee or an associated entity and the Company entered into a commercial contract for access to the Company’s products and services (collectively, the “Strategic Commercial Contracts”). The Company assessed the concurrent agreements under the noncash consideration and consideration payable to a customer guidance within Accounting Standards Codification 606, Revenue from Contracts with Customers, as well as the commercial substance of each arrangement considering the customer’s ability and intention to pay as well as the Company’s obligation to perform under each contract. The Company performs ongoing assessments of customers’ financial condition, including the consideration of customers’ ability and intention to pay, and whether all or some portion of the value of such contracts continue to meet the criteria for revenue recognition, among other factors. During the three months ended June 30, 2025 and 2024, revenue recognized from Strategic Commercial Contracts was $5.1 million and $9.2 million, respectively. During the six months ended June 30, 2025 and 2024, revenue recognized from Strategic Commercial Contracts was $10.2 million and $33.1 million, respectively.
v3.25.2
Balance Sheet Components
 6 Months Ended
Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
 Balance Sheet Components Balance Sheet Components
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Leasehold improvements$92,401 $85,284 
Computer equipment, software, and other67,713 55,815 
Furniture and fixtures15,052 13,906 
Construction in progress6,533 7,632 
Total property and equipment, gross181,699 162,637 
Less: accumulated depreciation and amortization(138,176)(122,999)
Total property and equipment, net$43,523 $39,638 
Depreciation and amortization expense related to property and equipment, net was $5.4 million and $6.0 million for the three months ended June 30, 2025 and 2024, respectively, and $10.9 million and $12.1 million for the six months ended June 30, 2025 and 2024, respectively.
Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Accrued payroll and related expenses$200,123 $306,939 
Accrued taxes63,765 42,243 
Accrued other liabilities129,735 77,864 
Total accrued liabilities$393,623 $427,046 
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
2014 Credit Facility
In October 2014, the Company entered into an unsecured revolving credit facility, which has been subsequently secured by substantially all of the Company’s assets and amended from time to time (as amended, the “2014 Credit Facility”). As of June 30, 2025, the Company had no outstanding debt balances and had undrawn revolving commitments of $500.0 million available to fund working capital and general corporate expenditures under the 2014 Credit Facility, which has a maturity date of March 31, 2027.
The 2014 Credit Facility contains customary representations and warranties, and certain financial and nonfinancial covenants, including but not limited to maintaining minimum liquidity of $50.0 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of June 30, 2025.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
The Company has commitments with various third parties to purchase primarily cloud hosting services. Under one of its third-party cloud services agreements, as amended, the Company has committed to spend at least $1.95 billion over ten contract years through September 30, 2033, among other things. As of June 30, 2025, the Company satisfied its $160.2 million commitment for the contract year beginning October 1, 2024 and ending September 30, 2025. Additionally, as of June 30, 2025, there were no material changes outside the ordinary course of business to the Company’s commitments, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2024.
Litigation and Legal Proceedings
The Company has been, is currently party to, and may, from time to time, be subject to various legal proceedings, claims, disputes, government investigations, or similar matters arising in the normal course of business. These may include proceedings, claims, disputes, allegations, or investigations related to, but not limited to, intellectual property; employment; securities; investors; taxes; class actions; contract or breach of contract; tort; warranty; refund; breach, leak, or misuse of personal data or confidential information; government procurement; government regulation or compliance; or other matters. The Company evaluates associated developments on a regular basis and establishes an accrual for loss contingencies when the loss is both probable and reasonably estimable.
On September 15, 2022, October 25, 2022, and November 4, 2022, putative securities class action complaints were filed in the United States District Court for the District of Colorado, captioned Cupat v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02384, Allegheny County Employees’ Retirement System v. Palantir Technologies, Inc., et al., Case No. 1:22-cv-02805, and Shijun Liu, Individually and as Trustee of the Liu Family Trust 2019 v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02893, respectively, naming the Company and certain current and former officers and directors as defendants. The suits allege false and misleading statements about our business and prospects, and purport to allege claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”), and seek unspecified damages and remedies under Sections 10(b), 20(a), and 20(A) of the Exchange Act and Sections 11 and 15 of the Securities Act. These three actions subsequently were consolidated as Cupat v. Palantir Technologies Inc., et al., Lead Civil Action No. 1:22-cv-02834-CNS-SKC, consolidated with civil actions 1:22-cv-02805-CNS-SKC and 1:22-cv-02893-CNS-SKC. On March 31, 2024, the Court dismissed the Cupat matter without prejudice. On May 24, 2024, plaintiffs filed a second amended complaint. On April 4, 2025, the Court dismissed the Cupat matter with prejudice and entered judgment for the defendants on the same day. On May 2, 2025, plaintiffs filed a Notice of Appeal from the final judgment with the United States Court of Appeals for the Tenth Circuit.
On November 21, 2022, a stockholder derivative action was filed in the United States District Court for the District of Colorado, captioned Li v. Karp, et al., Case No. 22-cv-3028 and on January 27, 2023, a stockholder derivative action was filed in the United States District Court for the District of Delaware, captioned Miao v. Karp, et al., Case No. 1:23-cv-00103-MN, each against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seek unspecified damages and injunctive remedies under Section 14(a) of the Exchange Act and Delaware law. On August 22, 2023, a stockholder derivative action was filed in the Court of Chancery of the State of Delaware captioned Central Laborers’ Pension Fund v. Karp, et al., Case No. 2023-0864 against certain current and former officers and directors asserting breach of fiduciary duty and related claims relating to the allegations of the securities class action complaints and seeks unspecified damages and injunctive relief under Delaware law. On April 25, 2025, the Court dismissed the Central Laborers’ Pension Fund matter in its entirety under Rule 23.1.
As of June 30, 2025, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements.
Warranties and Indemnification
The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer, and the Company includes operations and maintenance (“O&M”) services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision, or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty
claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of June 30, 2025 and December 31, 2024.
The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of June 30, 2025 and December 31, 2024.
The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s Amended and Restated Bylaws and Amended and Restated Certificate of Incorporation.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The Company’s Class A, Class B, and Class F common stock (collectively, the “common stock”) all have the same rights, except with respect to voting and conversion rights. Class A and Class B common stock have voting rights of 1 and 10 votes per share, respectively. The Class F common stock has the voting rights generally described herein, and each share of Class F common stock is convertible at any time, at the option of the holder thereof, into one share of Class B common stock. All shares of Class F common stock are held in a voting trust established by Stephen Cohen, Alexander Karp, and Peter Thiel (the “Founders”). The Class F common stock generally gives the Founders the ability to control up to 49.999999% of the total voting power of the Company’s capital stock, so long as the Founders and certain of their affiliates collectively meet a minimum ownership threshold, which was 100.0 million of the Company's equity securities as of June 30, 2025.
Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of June 30, 2025.
The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands):
As of June 30, 2025As of December 31, 2024
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,273,764 20,000,000 2,242,389 
Class B Common Stock2,700,000 97,078 2,700,000 95,401 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,371,847 22,701,005 2,338,795 
Share Repurchase Program
In August 2023, the Company’s Board of Directors authorized a stock repurchase program of up to $1.0 billion of the Company’s outstanding shares of Class A common stock (the “Share Repurchase Program”). The Company may repurchase shares of its Class A common stock from time to time through open market purchases, in privately negotiated transactions, or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act in accordance with applicable securities laws and other restrictions. The timing and the amount of stock repurchases under the Share Repurchase Program have been, and in the future will be, determined by the Company’s management, based on its evaluation of factors including business and market conditions, corporate and regulatory requirements, and other considerations. The Share Repurchase Program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time.
During the three and six months ended June 30, 2025, the Company repurchased and subsequently retired 0.2 million and 0.4 million shares, respectively, of its Class A common stock for an aggregate amount, including commissions, of $18.6 million
and $36.6 million, respectively under the Share Repurchase Program. As of June 30, 2025, approximately $899.2 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.
v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options and SARs
The following table summarizes stock option and stock appreciation right (“SAR”) activity for the six months ended June 30, 2025 (in thousands, except per share amounts and years):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)
Aggregate Intrinsic Value
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)
Aggregate Intrinsic Value
Balance as of December 31, 2024178,109 $9.26 6.9$11,821,740 6,437 $55.75 6.7$127,976 
Granted— — 913 131.18 
Exercised(19,102)4.98 — — 
Canceled and forfeited(97)6.01 (122)53.55 
Balance as of June 30, 2025158,910 $9.77 6.6$20,109,743 7,228 $65.31 6.5$522,117 
Vested and exercisable as of June 30, 202570,110 $7.73 5.9$9,015,071 — $— 0.0$— 
As of June 30, 2025, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $453.6 million, and $60.6 million, respectively, which is expected to be recognized over a weighted-average service period of six years. The weighted-average grant date fair value of SARs granted during the six months ended June 30, 2025 was $18.56 per share.
Time-Vesting SARs
The Company grants SARs that vest over explicit service periods of up to nine years and are exercisable at expiration, during a limited window, if the Company’s stock price reaches a certain threshold (“Time-Vesting SARs”). Time-Vesting SARs have exercise prices of between $39–$150 and maximum appreciation values of between $60–$300.
The Company determined the grant date fair value of Time-Vesting SARs granted during the six months ended June 30, 2025 using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:
Six Months Ended
June 30, 2025
Expected volatility rate
61.0% - 66.1%
Expected term (in years)
3.4 - 8.9
Risk-free interest rate
4.3% - 4.6%
Expected dividend yield—%
The expected volatility rate is based on a combination of the Company’s implied and historical volatility, and the historical volatility of comparable publicly-traded companies. The expected term represents the period of time the SARs are expected to be outstanding. The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the SAR. The Company has never paid and has no plans to pay dividends on its common stock, therefore the expected dividend yield is zero.
RSUs and P-RSUs
The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2025 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202465,236 $14.89 577 $41.93 
Granted3,292 106.06 559 78.85 
Vested(13,425)18.25 (821)49.73 
Canceled and forfeited(1,941)22.13 (16)78.87 
Adjustment for performance achievement(1)
(74)68.14 
Unvested and outstanding as of June 30, 202553,162 $19.42 225 $93.99 
—————
(1)This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
As of June 30, 2025, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $800.2 million, which the Company expects to recognize over a weighted-average service period of three years. As of June 30, 2025, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding.
Stock-based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$14,973 $12,402 $29,989 $22,818 
Sales and marketing56,040 48,314 108,553 90,470 
Research and development32,068 29,943 63,902 56,817 
General and administrative56,890 51,105 112,866 97,310 
Total stock-based compensation expense$159,971 $141,764 $315,310 $267,415 
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded a provision for income taxes of $3.6 million and $5.2 million for the three months ended June 30, 2025 and 2024, respectively, and of $9.2 million and $9.8 million for the six months ended June 30, 2025 and 2024, respectively. The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective tax rate as of June 30, 2025 differs from the U.S. statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions. The provision for income taxes decreased by an immaterial amount for each of the three and six months ended June 30, 2025 compared to the same periods in 2024.
The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. For example, due to the weight of objectively verifiable negative evidence, including its history of U.S. and U.K. net operating tax losses, the Company has maintained a full valuation allowance on its U.S. and U.K. deferred tax assets as of June 30, 2025. However, given the Company’s recent earnings and anticipated future earnings, there is a reasonable possibility that it will have sufficient positive evidence in the future to release all or a portion of the valuation allowance it recorded against its deferred tax assets.
The Organization for Economic Co-operation and Development (“OECD”) global minimum tax provision (“Pillar 2”) rules are at varying stages of adoption across jurisdictions where the Company operates. While the United States has not yet adopted Pillar 2, several countries have enacted Pillar 2 and these rules were applicable to the Company starting January 1, 2024. The adoption of Pillar 2 rules may affect the Company’s effective tax rates and current tax obligations and liabilities. Based on the Company’s current analysis of Pillar Two provisions, these tax law changes did not have a material impact on the Company’s consolidated financial statements.
On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. The Company is evaluating the full effects of the legislation on its estimated annual effective tax rate but does not expect that the legislation will have a material impact on the Company’s consolidated financial statements. As the legislation was signed into law after the close of the second quarter ended June 30, 2025, any potential impacts are not included in the Company’s operating results included in this Quarterly Report on Form 10-Q.
v3.25.2
Earnings Per Share Attributable to Common Stockholders
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Attributable to Common Stockholders Earnings Per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Numerator
Net income attributable to common stockholders for diluted earnings per share$326,727 $134,126 $540,758 $239,656 
Denominator
Weighted-average shares used in computing earnings per share:
Basic2,365,196 2,231,592 2,356,983 2,222,569 
Effect of dilutive shares197,716 183,104 200,928 184,833 
Diluted2,562,912 2,414,696 2,557,911 2,407,402 
Earnings per share
Earnings per share attributable to common stockholders:
Basic$0.14 $0.06 $0.23 $0.11 
Diluted$0.13 $0.06 $0.21 $0.10 
Diluted earnings per share is calculated using our weighted-average shares of outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. For the three and six months ended June 30, 2025 and 2024, outstanding potentially dilutive common stock equivalents of RSUs were 1.1 million and 0.8 million, respectively, and were excluded from the computation of diluted earnings per share attributable to common stockholders due to their anti-dilutive effect.
As of June 30, 2025, the Company had 7.2 million Time-Vesting SARs outstanding, of which the maximum number of potentially dilutive shares of Class A common stock upon vesting would be the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time.
v3.25.2
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.
Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.
Financial information for each reportable segment was as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amount%Amount%Amount%Amount%
Contribution:
Government revenue$552,983 $370,767 $1,039,946 $706,140 
Expenses attributable to government segment(202,571)(139,373)(388,574)(275,358)
Government contribution350,412 63 %231,394 62 %651,372 63 %430,782 61 %
Commercial revenue450,714 307,367 847,606 606,332 
Expenses attributable to commercial segment(163,138)(125,282)(318,885)(246,158)
Commercial contribution287,576 64 %182,085 59 %528,721 62 %360,174 59 %
Total contribution$637,988 64 %$413,479 61 %$1,180,093 63 %$790,956 60 %
The reconciliation of contribution to income from operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Income from operations$269,317 $105,339 $445,365 $186,220 
Research and development expenses (1)
102,975 78,838 206,030 162,004 
General and administrative expenses (1)
105,725 87,538 213,388 175,317 
Total stock-based compensation expense159,971 141,764 315,310 267,415 
Total contribution$637,988 $413,479 $1,180,093 $790,956 
—————
(1)Excludes stock-based compensation expense.
Geographic Information
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amount%Amount%Amount%Amount%
Revenue:
United States$732,592 73 %$437,189 64 %$1,361,086 72 %$843,578 64 %
United Kingdom97,172 10 %76,991 11 %186,826 10 %140,192 11 %
Rest of world (1)
173,933 17 %163,954 25 %339,640 18 %328,702 25 %
Total revenue$1,003,697 100 %$678,134 100 %$1,887,552 100 %$1,312,472 100 %
—————
(1)No other country represented 10% or more of total revenue for the three and six months ended June 30, 2025 or 2024.
v3.25.2
Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets Intangible Assets
Intangible assets subject to amortization that are not fully amortized are as follows (in thousands, except years):
Weighted average useful lifeAs of June 30, 2025As of December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships2.3$10,400 $(5,547)$4,853 $10,400 $(4,507)$5,893 
Reacquired rights4.317,618 (6,711)10,907 17,618 (5,453)12,165 
Total intangible assets$28,018 $(12,258)$15,760 $28,018 $(9,960)$18,058 
Amortization expense of intangible assets was not material for the three and six months ended June 30, 2025 or 2024.
As of June 30, 2025, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands):
Year ended December 31,Amount
Remainder of 2025$2,299 
20264,597 
20274,250 
20282,517 
20292,097 
Thereafter— 
Total$15,760 
v3.25.2
Related Party Disclosures
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure Related Party Transactions
Alexander Karp, the Company’s Chief Executive Officer, flies on a non-commercial aircraft beneficially owned by him (the “Executive Aircraft”) for business and personal travel. During the six months ended June 30, 2025, the Company incurred expenses related to the use of the Executive Aircraft of $10.2 million.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 326,727 $ 134,126 $ 540,758 $ 239,656
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
David Glazer [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 272 days
Jeffrey Buckley [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 30, 2025, Jeffrey Buckley, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 11,628 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions, less any shares to be withheld and/or sold to satisfy applicable tax withholdings. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until May 31, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Jeffrey Buckley
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date May 30, 2025
Expiration Date May 31, 2026
Arrangement Duration 366 days
Aggregate Available 11,628
David Glazer, September 2024 Plan [Member] | David Glazer [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 14, 2025, David Glazer, our Chief Financial Officer and Treasurer, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on September 12, 2024 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For
additional details about the material terms of this arrangement, refer to the description under the heading “Rule 10b5-1 Trading Arrangements” contained in Part II, Item 5. Other Information of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which is incorporated herein by reference.
Name David Glazer
Title Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Terminated true
Termination Date May 14, 2025
David Glazer, March 2025 Plan [Member] | David Glazer [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 14, 2025, Mr. Glazer terminated a later-commencing Rule 10b5-1 trading arrangement, which was previously adopted on March 12, 2025 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For additional details about the material terms of this arrangement, refer to the description under the heading “Rule 10b5-1 Trading Arrangements” contained in Part II, Item 5. Other Information of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which is incorporated herein by reference.
Name Mr. Glazer
Title Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Terminated true
Termination Date May 14, 2025
David Glazer, June 2025 Plan [Member] | David Glazer [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 3, 2025, Mr. Glazer adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 329,400 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until March 2, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Mr. Glazer
Title Chief Financial Officer and Treasurer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 3, 2025
Expiration Date March 2, 2026
Aggregate Available 329,400
v3.25.2
Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income from operations, net income, or cash flows. The Company's fiscal year ends on December 31.
The unaudited condensed consolidated balance sheet as of December 31, 2024 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.
These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 18, 2025.
Use of Estimates
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods.
Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, the valuation and recognition of stock-based compensation awards, and the collectability of contract consideration, including accounts receivable. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations.
Cash, Cash Equivalents, and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash
The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. Cash equivalents primarily consist of amounts invested in money market funds and U.S. Treasury securities with original maturities of three months or less.
Restricted cash primarily consists of cash and certificates of deposit that are held as collateral against letters of credit and guarantees that the Company is required to maintain for operating lease agreements, certain customer contracts, and other guarantees and financing arrangements.
Concentrations of Credit Risk
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, marketable securities, and privately-held equity securities. Cash equivalents primarily consist of money market funds and U.S. Treasury securities with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.
The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of June 30, 2025 and December 31, 2024 were $747.5 million and $575.0 million, respectively. Customer I represented 22% and 26% of total accounts receivable as of June 30, 2025 and December 31, 2024, respectively, and no other customer represented more than 10% of total accounts receivable as of June 30, 2025 or December 31, 2024.
For the three and six months ended June 30, 2025 and 2024, no customer represented more than 10% of total revenue.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes – Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
v3.25.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands):
As of June 30,
20252024
Cash and cash equivalents$929,547 $512,659 
Restricted cash included in prepaid expenses and other current assets9,015 — 
Restricted cash included in other assets12,672 19,416 
Total cash, cash equivalents, and restricted cash$951,234 $532,075 
v3.25.2
Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis
The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands):
As of June 30, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$477,208 $477,208 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,822 — 4,822 — 
Marketable securities:
U.S. Treasury securities5,022,804 — 5,022,804 — 
Publicly-traded equity securities48,071 48,071 — — 
Total$5,552,905 $525,279 $5,027,626 $— 
As of December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$1,823,046 $1,823,046 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,826 — 4,826 — 
Marketable securities:
U.S. Treasury securities3,110,687 — 3,110,687 — 
Publicly-traded equity securities20,776 20,776 — — 
Total$4,959,335 $1,843,822 $3,115,513 $— 
Debt Securities, Available-for-Sale
As of June 30, 2025 and December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):
As of June 30, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$5,024,728 $10 $(1,934)$5,022,804 
Total debt securities$5,024,728 $10 $(1,934)$5,022,804 
As of December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$3,110,278 $1,022 $(613)$3,110,687 
Total debt securities$3,110,278 $1,022 $(613)$3,110,687 
v3.25.2
Balance Sheet Components (Tables)
 6 Months Ended
Jun. 30, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Leasehold improvements$92,401 $85,284 
Computer equipment, software, and other67,713 55,815 
Furniture and fixtures15,052 13,906 
Construction in progress6,533 7,632 
Total property and equipment, gross181,699 162,637 
Less: accumulated depreciation and amortization(138,176)(122,999)
Total property and equipment, net$43,523 $39,638 
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
As of June 30,
2025		As of December 31,
2024
Accrued payroll and related expenses$200,123 $306,939 
Accrued taxes63,765 42,243 
Accrued other liabilities129,735 77,864 
Total accrued liabilities$393,623 $427,046 
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Summary of Total Authorized, Issued, And Outstanding Shares
The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands):
As of June 30, 2025As of December 31, 2024
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,273,764 20,000,000 2,242,389 
Class B Common Stock2,700,000 97,078 2,700,000 95,401 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,371,847 22,701,005 2,338,795 
v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and stock appreciation right (“SAR”) activity for the six months ended June 30, 2025 (in thousands, except per share amounts and years):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)
Aggregate Intrinsic Value
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)
Aggregate Intrinsic Value
Balance as of December 31, 2024178,109 $9.26 6.9$11,821,740 6,437 $55.75 6.7$127,976 
Granted— — 913 131.18 
Exercised(19,102)4.98 — — 
Canceled and forfeited(97)6.01 (122)53.55 
Balance as of June 30, 2025158,910 $9.77 6.6$20,109,743 7,228 $65.31 6.5$522,117 
Vested and exercisable as of June 30, 202570,110 $7.73 5.9$9,015,071 — $— 0.0$— 
Summary of RSU Activity
The following table summarizes the RSU and P-RSU activity for the six months ended June 30, 2025 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202465,236 $14.89 577 $41.93 
Granted3,292 106.06 559 78.85 
Vested(13,425)18.25 (821)49.73 
Canceled and forfeited(1,941)22.13 (16)78.87 
Adjustment for performance achievement(1)
(74)68.14 
Unvested and outstanding as of June 30, 202553,162 $19.42 225 $93.99 
—————
(1)This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Cost of revenue$14,973 $12,402 $29,989 $22,818 
Sales and marketing56,040 48,314 108,553 90,470 
Research and development32,068 29,943 63,902 56,817 
General and administrative56,890 51,105 112,866 97,310 
Total stock-based compensation expense$159,971 $141,764 $315,310 $267,415 
Summary of Valuation Assumptions
The Company determined the grant date fair value of Time-Vesting SARs granted during the six months ended June 30, 2025 using a Black-Scholes option-pricing model, calculated as the difference in fair value between a SAR with a strike price at the exercise price and a SAR with the strike price at its maximum appreciation, using the following assumptions:
Six Months Ended
June 30, 2025
Expected volatility rate
61.0% - 66.1%
Expected term (in years)
3.4 - 8.9
Risk-free interest rate
4.3% - 4.6%
Expected dividend yield—%
v3.25.2
Earnings Per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Summary of Calculation of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Numerator
Net income attributable to common stockholders for diluted earnings per share$326,727 $134,126 $540,758 $239,656 
Denominator
Weighted-average shares used in computing earnings per share:
Basic2,365,196 2,231,592 2,356,983 2,222,569 
Effect of dilutive shares197,716 183,104 200,928 184,833 
Diluted2,562,912 2,414,696 2,557,911 2,407,402 
Earnings per share
Earnings per share attributable to common stockholders:
Basic$0.14 $0.06 $0.23 $0.11 
Diluted$0.13 $0.06 $0.21 $0.10 
v3.25.2
Segment and Geographic Information (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Summary of Financial Information for Each Reportable Segment
Financial information for each reportable segment was as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amount%Amount%Amount%Amount%
Contribution:
Government revenue$552,983 $370,767 $1,039,946 $706,140 
Expenses attributable to government segment(202,571)(139,373)(388,574)(275,358)
Government contribution350,412 63 %231,394 62 %651,372 63 %430,782 61 %
Commercial revenue450,714 307,367 847,606 606,332 
Expenses attributable to commercial segment(163,138)(125,282)(318,885)(246,158)
Commercial contribution287,576 64 %182,085 59 %528,721 62 %360,174 59 %
Total contribution$637,988 64 %$413,479 61 %$1,180,093 63 %$790,956 60 %
Summary of Reconciliation of Segment Financial Information to Loss from Operations
The reconciliation of contribution to income from operations is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Income from operations$269,317 $105,339 $445,365 $186,220 
Research and development expenses (1)
102,975 78,838 206,030 162,004 
General and administrative expenses (1)
105,725 87,538 213,388 175,317 
Total stock-based compensation expense159,971 141,764 315,310 267,415 
Total contribution$637,988 $413,479 $1,180,093 $790,956 
—————
(1)Excludes stock-based compensation expense.
Summary of Revenue by Geography
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amount%Amount%Amount%Amount%
Revenue:
United States$732,592 73 %$437,189 64 %$1,361,086 72 %$843,578 64 %
United Kingdom97,172 10 %76,991 11 %186,826 10 %140,192 11 %
Rest of world (1)
173,933 17 %163,954 25 %339,640 18 %328,702 25 %
Total revenue$1,003,697 100 %$678,134 100 %$1,887,552 100 %$1,312,472 100 %
—————
(1)No other country represented 10% or more of total revenue for the three and six months ended June 30, 2025 or 2024.
v3.25.2
Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Intangible assets subject to amortization that are not fully amortized are as follows (in thousands, except years):
Weighted average useful lifeAs of June 30, 2025As of December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships2.3$10,400 $(5,547)$4,853 $10,400 $(4,507)$5,893 
Reacquired rights4.317,618 (6,711)10,907 17,618 (5,453)12,165 
Total intangible assets$28,018 $(12,258)$15,760 $28,018 $(9,960)$18,058 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of June 30, 2025, expected amortization expense for the unamortized finite-lived intangible assets for the next five years and thereafter is as follows (in thousands):
Year ended December 31,Amount
Remainder of 2025$2,299 
20264,597 
20274,250 
20282,517 
20292,097 
Thereafter— 
Total$15,760 
v3.25.2
Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 929,547 $ 2,098,524 $ 512,659  
Total cash, cash equivalents, and restricted cash 951,234 $ 2,119,936 532,075 $ 850,107
Prepaid Expenses and Other Current Assets        
Cash and Cash Equivalents [Line Items]        
Restricted Cash 9,015   0  
Other Noncurrent Assets        
Cash and Cash Equivalents [Line Items]        
Restricted Cash $ 12,672   $ 19,416  
v3.25.2
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Accounts receivable, net $ 747,484 $ 575,048
Customer I | Accounts Receivable Benchmark | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage concentration 22.00% 26.00%
v3.25.2
Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Contract with customer, liability $ 685.9   $ 566.4
Revenue recognized from contract liability balances 403.6 $ 362.4  
Remaining performance obligation $ 2,400.0    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation (as percent) 42.00%    
Expected timing of satisfaction (in years) 12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation (as percent) 39.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Expected timing of satisfaction (in years) 13 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01 | Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Expected timing of satisfaction (in years) 36 months    
v3.25.2
Investments and Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Marketable securities:          
Debt securities $ 5,022,804   $ 5,022,804   $ 3,110,687
Total 5,552,905   5,552,905   4,959,335
Revenue 1,003,697 $ 678,134 1,887,552 $ 1,312,472  
Level 1          
Marketable securities:          
Total 525,279   525,279   1,843,822
Level 2          
Marketable securities:          
Total 5,027,626   5,027,626   3,115,513
Level 3          
Marketable securities:          
Total 0   0   0
U.S. Treasury securities          
Marketable securities:          
Debt securities 5,022,804   5,022,804   3,110,687
Cash and Cash Equivalents | Money market funds          
Cash and cash equivalents:          
Cash and cash equivalents 477,208   477,208   1,823,046
Cash and Cash Equivalents | Money market funds | Level 1          
Cash and cash equivalents:          
Cash and cash equivalents 477,208   477,208   1,823,046
Cash and Cash Equivalents | Money market funds | Level 2          
Cash and cash equivalents:          
Cash and cash equivalents 0   0   0
Cash and Cash Equivalents | Money market funds | Level 3          
Cash and cash equivalents:          
Cash and cash equivalents 0   0   0
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit          
Prepaid expenses and other current assets and other assets:          
Certificates of deposit 4,822   4,822   4,826
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 1          
Prepaid expenses and other current assets and other assets:          
Certificates of deposit 0   0   0
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 2          
Prepaid expenses and other current assets and other assets:          
Certificates of deposit 4,822   4,822   4,826
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 3          
Prepaid expenses and other current assets and other assets:          
Certificates of deposit 0   0   0
Marketable Securities | U.S. Treasury securities          
Marketable securities:          
Debt securities 5,022,804   5,022,804   3,110,687
Marketable Securities | U.S. Treasury securities | Level 1          
Marketable securities:          
Debt securities 0   0   0
Marketable Securities | U.S. Treasury securities | Level 2          
Marketable securities:          
Debt securities 5,022,804   5,022,804   3,110,687
Marketable Securities | U.S. Treasury securities | Level 3          
Marketable securities:          
Debt securities 0   0   0
Marketable Securities | Publicly-traded equity securities          
Marketable securities:          
U.S. Treasury securities 48,071   48,071   20,776
Marketable Securities | Publicly-traded equity securities | Level 1          
Marketable securities:          
U.S. Treasury securities 48,071   48,071   20,776
Marketable Securities | Publicly-traded equity securities | Level 2          
Marketable securities:          
U.S. Treasury securities 0   0   0
Marketable Securities | Publicly-traded equity securities | Level 3          
Marketable securities:          
U.S. Treasury securities $ 0   $ 0   $ 0
v3.25.2
Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 5,024,728 $ 3,110,278
Unrealized Gains 10 1,022
Unrealized Losses (1,934) (613)
Fair Value 5,022,804 3,110,687
U.S. Treasury securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 5,024,728 3,110,278
Unrealized Gains 10 1,022
Unrealized Losses (1,934) (613)
Fair Value $ 5,022,804 $ 3,110,687
v3.25.2
Investments and Fair Value Measurements - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Proceeds from sale of available-for-sale securities $ 0 $ 0 $ 279,700,000 $ 0  
Credit or non-credit losses related to debt securities 0 0 0 0  
Available-for-sale debt securities in unrealized loss position 4,900,000,000   4,900,000,000   $ 700,000,000
Available-for-sale debt securities in unrealized loss position for greater than 12 months 0   0   0
Privately-held equity securities without readily determinable fair value, amount 122,900,000   122,900,000   64,900,000
Equity securities received as noncash consideration     16,800,000 30,300,000  
Revenue 1,003,697,000 678,134,000 1,887,552,000 1,312,472,000  
Investment Agreement          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment in shares 0   0   $ 0
Investment Agreement | Commercial Contract          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Revenue 5,100,000 9,200,000 10,200,000 33,100,000  
Publicly-Traded Equity Securities Held          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Unrealized gain (loss) from equity securities $ 12,600,000 $ (6,600,000) $ 1,900,000 $ (12,200,000)  
v3.25.2
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Total property and equipment, gross $ 181,699 $ 162,637
Less: accumulated depreciation and amortization (138,176) (122,999)
Total property and equipment, net 43,523 39,638
Leasehold improvements    
Total property and equipment, gross 92,401 85,284
Computer equipment, software, and other    
Total property and equipment, gross 67,713 55,815
Furniture and fixtures    
Total property and equipment, gross 15,052 13,906
Construction in progress    
Total property and equipment, gross $ 6,533 $ 7,632
v3.25.2
Balance Sheet Components - Additional information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]        
Depreciation and amortization expense excluding the impact of foreign exchange fluctuations $ 5.4 $ 6.0 $ 10.9 $ 12.1
v3.25.2
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Accrued payroll and related expenses $ 200,123 $ 306,939
Accrued taxes 63,765 42,243
Accrued other liabilities 129,735 77,864
Total accrued liabilities $ 393,623 $ 427,046
v3.25.2
Debt - Additional Information (Detail) - 2014 Revolving Credit Facility - Line of Credit
 6 Months Ended
Jun. 30, 2025
USD ($)
Short-Term Debt [Line Items]  
Debt instrument maximum borrowing capacity $ 500,000,000.0
Revolving Credit Facility  
Short-Term Debt [Line Items]  
Debt instrument carrying amount 0
Line of credit minimum liquidity to be maintained $ 50,000,000.0
v3.25.2
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Sep. 30, 2023
Jun. 30, 2025
Purchase Commitment    
Loss Contingencies [Line Items]    
Minimum annual commitment $ 1,950.0  
Period for purchase price commitment (in years) 10 years  
Purchase Commitment, Contract year Oct 1 2024 - Sep 30 2025    
Loss Contingencies [Line Items]    
Purchase commitment satisfied   $ 160.2
Purchase commitment for current contract year   $ 160.2
v3.25.2
Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares
Jun. 30, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Common stock, shares authorized 22,701,005,000 22,701,005,000
Common stock, issued (in shares) 2,371,847,000 2,338,795,000
Common stock, outstanding (in shares) 2,371,847,000 2,338,795,000
Class A Common Stock    
Class of Stock [Line Items]    
Common stock, shares authorized 20,000,000,000 20,000,000,000
Common stock, issued (in shares) 2,273,764,000 2,242,389,000
Common stock, outstanding (in shares) 2,273,764,000 2,242,389,000
Class B Common Stock    
Class of Stock [Line Items]    
Common stock, shares authorized 2,700,000,000 2,700,000,000
Common stock, issued (in shares) 97,078,000 95,401,000
Common stock, outstanding (in shares) 97,078,000 95,401,000
Class F Common Stock    
Class of Stock [Line Items]    
Common stock, shares authorized 1,005,000 1,005,000
Common stock, issued (in shares) 1,005,000 1,005,000
Common stock, outstanding (in shares) 1,005,000 1,005,000
v3.25.2
Stockholders' Equity - Additional Information (Detail)
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2025
USD ($)
vote
shares
Aug. 31, 2023
USD ($)
Class of Stock [Line Items]      
Minimum ownership threshold (in shares) | shares 100.0 100.0  
Dividends declared $ 0 $ 0  
Class A Common Stock      
Class of Stock [Line Items]      
Voting rights | vote   1  
Share Repurchase Program [Line Items]      
Stock repurchase program, authorized amount     $ 1,000,000,000
Stock repurchase program, retired during period (in shares) | shares 0.2 0.4  
Stock repurchase program, retired during period $ 18,600,000 $ 36,600,000  
Stock repurchase program, remaining authorized amount $ 899,200,000 $ 899,200,000  
Class B Common Stock      
Class of Stock [Line Items]      
Voting rights | vote   10  
Common stock, convertible, conversion ratio   1  
Class F Common Stock      
Class of Stock [Line Items]      
Control of total voting power 50.00% 50.00%  
v3.25.2
Stock-Based Compensation - Summary of Stock Option Activity (Detail)
$ / shares in Units, shares in Thousands, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Number of Awards    
Beginning balance (in shares) | shares 178,109  
Options granted (in shares) | shares 0  
Options exercised (in shares) | shares (19,102)  
Options canceled and forfeited (in shares) | shares (97)  
Ending balance (in shares) | shares 158,910 178,109
Options vested and exercisable (in shares) | shares 70,110  
Weighted-Average Exercise Price Per Share    
Beginning balance (in dollars per share) | $ / shares $ 9.26  
Options granted (in dollars per share) | $ / shares 0  
Options exercised (in dollars per share) | $ / shares 4.98  
Options canceled and forfeited (in dollars per share) | $ / shares 6.01  
Ending balance (in dollars per share) | $ / shares 9.77 $ 9.26
Options vested and exercisable (in dollars per share) | $ / shares $ 7.73  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]    
Options outstanding, Weighted-average remaining contractual life (years) 6 years 7 months 6 days 6 years 10 months 24 days
Options vested and exercisable (in years) 5 years 10 months 24 days  
Options outstanding, aggregate intrinsic value | $ $ 20,109,743 $ 11,821,740
Options vested and exercisable, end of period | $ $ 9,015,071  
v3.25.2
Stock-Based Compensation - Summary of SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Beginning Balance (in shares) 6,437,000  
Granted (in shares) 913,000  
Exercised (in shares) 0  
Canceled and forfeited (in shares) 122,000  
Ending Balance (in shares) 7,228,000 6,437,000
Vested and exercisable (in shares) 0  
SARs Weighted Average Exercise Price Per Share    
Beginning balance (in dollars per share) $ 55.75  
Granted (in dollars per share) 131.18  
Exercised (in dollars per share) 0  
Canceled and forfeited (in dollars per share) 53.55  
Ending balance (in dollars per share) 65.31 $ 55.75
Vested and exercisable (in dollars per share) $ 0  
Shares outstanding, Weighted average remaining contractual life (in years) 6 years 6 months 6 years 8 months 12 days
Vested and exercisable, Weighted average remaining contractual life (in years) 0 years  
SARs Aggregate Intrinsic Value $ 522,117 $ 127,976
Vested and exercisable, Aggregate Intrinsic Value $ 0  
v3.25.2
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 453.6
Stock Appreciation Rights (SARs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 60.6
Unrecognized share based compensation expense, period for recognition 6 years
Grant-date fair value per share (in dollars per share) $ 18.56
Time-Vesting SARs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 9 years
Non-option equity instrument, exercise price $ 150
Maximum apperciation per award 300
Time-Vesting SARs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-option equity instrument, exercise price 39
Maximum apperciation per award $ 60
Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 800.2
Unrecognized share based compensation expense, period for recognition 3 years
Grant-date fair value per share (in dollars per share) $ 106.06
Performance-Based RSUs (P-RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 0.0
Grant-date fair value per share (in dollars per share) $ 78.85
v3.25.2
Stock-Based Compensation - Valuation Assumptions (Details) - Time-Vesting SARs
 6 Months Ended
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Expected dividend yield 0.00%
Minimum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Expected volatility rate 61.00%
Expected term (in years) 3 years 4 months 24 days
Risk-free interest rate 4.30%
Maximum  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Expected volatility rate 66.10%
Expected term (in years) 8 years 10 months 24 days
Risk-free interest rate 4.60%
v3.25.2
Stock-Based Compensation - Summary of RSU Activity (Detail)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Restricted Stock Units (RSUs)  
Units Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 65,236,000
Granted (in shares) | shares 3,292,000
Vested and converted to shares (in shares) | shares (13,425,000)
Canceled (in shares) | shares (1,941,000)
Unvested and outstanding, ending balance (in shares) | shares 53,162,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 14.89
Granted (in dollars per share) | $ / shares 106.06
Vested and converted to shares (in dollars per share) | $ / shares 18.25
Canceled (in dollars per share) | $ / shares 22.13
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 19.42
Performance-Based RSUs (P-RSUs)  
Units Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 577,000
Granted (in shares) | shares 559,000
Vested and converted to shares (in shares) | shares (821,000)
Canceled (in shares) | shares (16,000)
Adjustment for performance achievement (in shares) | shares (74,000)
Unvested and outstanding, ending balance (in shares) | shares 225,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 41.93
Granted (in dollars per share) | $ / shares 78.85
Vested and converted to shares (in dollars per share) | $ / shares 49.73
Canceled (in dollars per share) | $ / shares 78.87
Adjustment for performance achievement (in dollars per share) | $ / shares 68.14
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 93.99
v3.25.2
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 159,971 $ 141,764 $ 315,310 $ 267,415
Cost of revenue        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 14,973 12,402 29,989 22,818
Sales and marketing        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 56,040 48,314 108,553 90,470
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense 32,068 29,943 63,902 56,817
General and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total stock-based compensation expense $ 56,890 $ 51,105 $ 112,866 $ 97,310
v3.25.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Provision for income taxes $ 3,596 $ 5,189 $ 9,195 $ 9,844
v3.25.2
Earnings Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator        
Net income attributable to common stockholders for diluted earnings per share $ 326,727 $ 134,126 $ 540,758 $ 239,656
Denominator        
Basic 2,365,196 2,231,592 2,356,983 2,222,569
Effect of dilutive shares 197,716 183,104 200,928 184,833
Diluted 2,562,912 2,414,696 2,557,911 2,407,402
Earnings per share        
Earnings per share attributable to common stockholders, basic $ 0.14 $ 0.06 $ 0.23 $ 0.11
Earnings per share attributable to common stockholders, diluted $ 0.13 $ 0.06 $ 0.21 $ 0.10
v3.25.2
Earnings Per Share Attributable to Common Stockholders -Additional Information (Detail) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restricted Stock Units (RSUs)        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount 1.1 0.8 1.1 0.8
Stock Appreciation Rights (SARs)        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of earnings per share, amount     7.2  
v3.25.2
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 1,003,697 $ 678,134 $ 1,887,552 $ 1,312,472
Operating Segments        
Segment Reporting Information [Line Items]        
Total contribution $ 637,988 $ 413,479 $ 1,180,093 $ 790,956
Contribution margin (in percent) 64.00% 61.00% 63.00% 60.00%
Operating Segments | Government        
Segment Reporting Information [Line Items]        
Revenue $ 552,983 $ 370,767 $ 1,039,946 $ 706,140
Expenses (202,571) (139,373) (388,574) (275,358)
Total contribution $ 350,412 $ 231,394 $ 651,372 $ 430,782
Contribution margin (in percent) 63.00% 62.00% 63.00% 61.00%
Operating Segments | Commercial        
Segment Reporting Information [Line Items]        
Revenue $ 450,714 $ 307,367 $ 847,606 $ 606,332
Expenses (163,138) (125,282) (318,885) (246,158)
Total contribution $ 287,576 $ 182,085 $ 528,721 $ 360,174
Contribution margin (in percent) 64.00% 59.00% 62.00% 59.00%
v3.25.2
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Income from operations $ 269,317 $ 105,339 $ 445,365 $ 186,220
Total stock-based compensation expense 159,971 141,764 315,310 267,415
Reconciling items        
Segment Reporting Information [Line Items]        
Income from operations 269,317 105,339 445,365 186,220
Research and development expenses 102,975 78,838 206,030 162,004
General and administrative expenses 105,725 87,538 213,388 175,317
Total stock-based compensation expense 159,971 141,764 315,310 267,415
Operating Segments        
Segment Reporting Information [Line Items]        
Total contribution $ 637,988 $ 413,479 $ 1,180,093 $ 790,956
v3.25.2
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 1,003,697 $ 678,134 $ 1,887,552 $ 1,312,472
Geographic Concentration Risk        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,003,697 $ 678,134 $ 1,887,552 $ 1,312,472
Geographic Concentration Risk | Revenue Benchmark        
Disaggregation of Revenue [Line Items]        
Percentage concentration 100.00% 100.00% 100.00% 100.00%
Geographic Concentration Risk | Revenue Benchmark | Minimum        
Disaggregation of Revenue [Line Items]        
Percentage concentration 10.00% 10.00% 10.00% 10.00%
United States | Geographic Concentration Risk        
Disaggregation of Revenue [Line Items]        
Revenue $ 732,592 $ 437,189 $ 1,361,086 $ 843,578
United States | Geographic Concentration Risk | Revenue Benchmark        
Disaggregation of Revenue [Line Items]        
Percentage concentration 73.00% 64.00% 72.00% 64.00%
United Kingdom | Geographic Concentration Risk        
Disaggregation of Revenue [Line Items]        
Revenue $ 97,172 $ 76,991 $ 186,826 $ 140,192
United Kingdom | Geographic Concentration Risk | Revenue Benchmark        
Disaggregation of Revenue [Line Items]        
Percentage concentration 10.00% 11.00% 10.00% 11.00%
Rest of world | Geographic Concentration Risk        
Disaggregation of Revenue [Line Items]        
Revenue $ 173,933 $ 163,954 $ 339,640 $ 328,702
Rest of world | Geographic Concentration Risk | Revenue Benchmark        
Disaggregation of Revenue [Line Items]        
Percentage concentration 17.00% 25.00% 18.00% 25.00%
v3.25.2
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 28,018 $ 28,018
Accumulated Amortization (12,258) (9,960)
Total $ 15,760 18,058
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life 2 years 3 months 18 days  
Gross Carrying Amount $ 10,400 10,400
Accumulated Amortization (5,547) (4,507)
Total $ 4,853 5,893
Reacquired rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life 4 years 3 months 18 days  
Gross Carrying Amount $ 17,618 17,618
Accumulated Amortization (6,711) (5,453)
Total $ 10,907 $ 12,165
v3.25.2
Intangible Assets - Expected Amortization Expense (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2025 $ 2,299  
2026 4,597  
2027 4,250  
2028 2,517  
2029 2,097  
Thereafter 0  
Total $ 15,760 $ 18,058
v3.25.2
Related Party Disclosures (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related Party Transaction [Line Items]        
Operating expenses $ 541,446 $ 444,233 $ 1,076,283 $ 881,434
Chief Executive Officer        
Related Party Transaction [Line Items]        
Operating expenses     $ 10,200