PALANTIR TECHNOLOGIES INC., 10-K filed on 2/18/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 07, 2025
Jun. 30, 2024
Document Information [Line Items]      
Document Type 10-K    
Document Quarterly Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 51.5
Documents Incorporated by Reference
Documents Incorporated by Reference
Portions of the registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders to be held in 2025 are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2024.
    
Entity Central Index Key 0001321655    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   2,248,950,826  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   95,400,680  
Class F Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,005,000  
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 2,098,524 $ 831,047
Marketable securities 3,131,463 2,843,132
Accounts receivable, net 575,048 364,784
Prepaid expenses and other current assets 129,254 99,655
Total current assets 5,934,289 4,138,618
Property and equipment, net 39,638 47,758
Operating lease right-of-use assets 200,740 182,863
Other assets 166,217 153,186
Total assets 6,340,884 4,522,425
Current liabilities:    
Accounts payable 103 12,122
Accrued liabilities 427,046 222,991
Deferred revenue 259,624 246,901
Deferred revenue 265,252 209,828
Operating lease liabilities 43,993 54,176
Total current liabilities 996,018 746,018
Deferred revenue, noncurrent 39,885 28,047
Customer deposits, noncurrent 1,663 1,477
Operating lease liabilities, noncurrent 195,226 175,216
Other noncurrent liabilities 13,685 10,702
Total liabilities 1,246,477 961,460
Commitments and Contingencies (Note 8)
Palantir's stockholders’ equity:    
Common stock 2,339 2,200
Additional paid-in capital 10,193,970 9,122,173
Accumulated other comprehensive income (loss), net (5,611) 801
Accumulated deficit (5,187,423) (5,649,613)
Total Palantir's stockholders’ equity 5,003,275 3,475,561
Noncontrolling interests 91,132 85,404
Total equity 5,094,407 3,560,965
Total liabilities and equity $ 6,340,884 $ 4,522,425
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Common stock, shares authorized (in shares) 22,701,005,000 22,701,005,000
Common stock, shares issued (in shares) 2,338,795,000 2,200,128,000
Common stock, shares outstanding (in shares) 2,338,795,000 2,200,128,000
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 20,000,000,000 20,000,000,000
Common stock, shares issued (in shares) 2,242,389,000 2,096,982,000
Common stock, shares outstanding (in shares) 2,242,389,000 2,096,982,000
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 2,700,000,000 2,700,000,000
Common stock, shares issued (in shares) 95,401,000 102,141,000
Common stock, shares outstanding (in shares) 95,401,000 102,141,000
Class F Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,005,000 1,005,000
Common stock, shares issued (in shares) 1,005,000 1,005,000
Common stock, shares outstanding (in shares) 1,005,000 1,005,000
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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Revenue $ 2,865,507 $ 2,225,012 $ 1,905,871
Cost of revenue 565,990 431,105 408,549
Gross profit 2,299,517 1,793,907 1,497,322
Operating expenses:      
Sales and marketing 887,755 744,992 702,511
Research and development 507,878 404,624 359,679
General and administrative 593,481 524,325 596,333
Total operating expenses 1,989,114 1,673,941 1,658,523
Income (loss) from operations 310,403 119,966 (161,201)
Interest income 196,792 132,572 20,309
Other income (expense), net (18,022) (15,447) (220,135)
Income (loss) before provision for income taxes 489,173 237,091 (361,027)
Provision for income taxes 21,255 19,716 10,067
Net income (loss) 467,918 217,375 (371,094)
Less: Net income attributable to noncontrolling interests 5,728 7,550 2,611
Net income (loss) attributable to common stockholders $ 462,190 $ 209,825 $ (373,705)
Net earnings (loss) per share attributable to common stockholders, basic $ 0.21 $ 0.10 $ (0.18)
Net earnings (loss) per share attributable to common stockholders, diluted $ 0.19 $ 0.09 $ (0.18)
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, basic 2,250,163 2,147,446 2,063,793
Weighted-average shares of common stock outstanding used in computing net earnings (loss) per share attributable to common stockholders, diluted 2,450,818 2,297,927 2,063,793
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Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 467,918 $ 217,375 $ (371,094)
Other comprehensive income (loss)      
Foreign currency translation adjustments (3,386) 2,699 (2,984)
Net unrealized gain (loss) on available-for-sale securities (3,026) 3,435 0
Comprehensive income (loss) 461,506 223,509 (374,078)
Less: Comprehensive income attributable to noncontrolling interests 5,728 7,550 2,611
Comprehensive income (loss) attributable to common stockholders $ 455,778 $ 215,959 $ (376,689)
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Consolidated Statements of Stockholders’ Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss), Net
Accumulated Deficit
Parent
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021   2,027,474,000          
Beginning balance at Dec. 31, 2021 $ 2,291,030 $ 2,027 $ 7,777,085 $ (2,349) $ (5,485,733) $ 2,291,030 $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock from the exercise of stock options (in shares)   19,660,000          
Issuance of common stock from the exercise of stock options 86,088 $ 20 86,068     86,088  
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)   51,941,000          
Issuance of common stock upon vesting of restricted stock units (“RSUs”)   $ 52 (52)        
Stock-based compensation 564,897   564,897     564,897  
Other comprehensive income (loss) (2,984)     (2,984)   (2,984)  
Other, net 74,500           74,500
Net income (loss) (371,094)       (373,705) (373,705) 2,611
Ending balance (in shares) at Dec. 31, 2022   2,099,075,000          
Ending balance at Dec. 31, 2022 2,642,437 $ 2,099 8,427,998 (5,333) (5,859,438) 2,565,326 77,111
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock from the exercise of stock options (in shares)   46,079,000          
Issuance of common stock from the exercise of stock options 218,238 $ 46 218,192     218,238  
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)   54,974,000          
Issuance of common stock upon vesting of restricted stock units (“RSUs”)   $ 55 (55)        
Stock-based compensation 476,038   476,038     476,038  
Other comprehensive income (loss) 6,134     6,134   6,134  
Other, net 743           743
Net income (loss) $ 217,375       209,825 209,825 7,550
Ending balance (in shares) at Dec. 31, 2023 2,200,128,000 2,200,128,000          
Ending balance at Dec. 31, 2023 $ 3,560,965 $ 2,200 9,122,173 801 (5,649,613) 3,475,561 85,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock from the exercise of stock options (in shares) 99,297,000 99,297,000          
Issuance of common stock from the exercise of stock options $ 745,396 $ 100 745,296     745,396  
Issuance of common stock upon vesting of restricted stock units ("RSUs") (in shares)   35,550,000          
Issuance of common stock upon vesting of restricted stock units (“RSUs”)   $ 35 (35)        
Repurchases of common stock (in shares)   (2,123,000)          
Repurchases of common stock (64,196) $ (2) (64,194)     (64,196)  
Stock-based compensation 693,223   693,223     693,223  
Other comprehensive income (loss) (6,412)     (6,412)   (6,412)  
Net income (loss) $ 467,918       462,190 462,190 5,728
Ending balance (in shares) at Dec. 31, 2024 2,338,795,000 2,338,795,000          
Ending balance at Dec. 31, 2024 $ 5,094,407 $ 2,339 10,193,970 $ (5,611) $ (5,187,423) 5,003,275 $ 91,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock Issued During Period, Shares, Stock Appreciation Rights, Net of Shares Withheld for Employee Taxes   5,943,000          
Stock Issued During Period, Value, Stock Appreciation Rights, Net of Shares Withheld for Employee Taxes $ (302,487) $ 6 $ (302,493)     $ (302,487)  
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income (loss) $ 467,918 $ 217,375 $ (371,094)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 31,587 33,354 22,522
Stock-based compensation 691,638 475,903 564,798
Noncash operating lease expense 41,239 47,019 40,309
Unrealized and realized (gain) loss from marketable securities, net 19,306 13,160 272,108
Noncash consideration (52,521) (46,609) (15,537)
Other operating activities 24,795 (34,255) (28,152)
Changes in operating assets and liabilities, net of effect of acquisitions:      
Accounts receivable, net (211,157) (106,159) (72,819)
Prepaid expenses and other current assets 7,202 (6,197) (24,811)
Other assets 4,681 3,242 6,033
Accounts payable (18,841) (31,832) (29,859)
Accrued liabilities 115,634 52,895 5,527
Deferred revenue, current and noncurrent 22,356 79,512 (61,154)
Customer deposits, current and noncurrent 54,440 64,347 (49,471)
Operating lease liabilities, current and noncurrent (48,966) (49,630) (34,590)
Other noncurrent liabilities 4,554 58 (73)
Net cash provided by operating activities 1,153,865 712,183 223,737
Investing activities      
Purchases of property and equipment (12,634) (15,114) (40,027)
Purchases of marketable securities (5,395,913) (5,636,406) (124,500)
Proceeds from sales and redemption of marketable securities 5,073,507 2,889,268 52,319
Other investing activities (5,615) 51,072 66,781
Net cash used in investing activities (340,655) (2,711,180) (45,427)
Financing activities      
Proceeds from the exercise of common stock options 745,396 218,238 86,089
Repurchases of common stock (64,196) 0 0
Taxes paid related to net share settlement of equity awards (218,280) 0 0
Other financing activities 444 601 (93)
Net cash provided by financing activities 463,364 218,839 85,996
Effect of foreign exchange on cash, cash equivalents, and restricted cash (6,745) 2,930 (3,885)
Net increase (decrease) in cash, cash equivalents, and restricted cash 1,269,829 (1,777,228) 260,421
Cash, cash equivalents, and restricted cash - beginning of period 850,107 2,627,335 2,366,914
Cash, cash equivalents, and restricted cash - end of period 2,119,936 850,107 2,627,335
Supplemental disclosures of cash flow information      
Cash paid for income taxes 16,179 13,515 2,904
Noncash investing and financing activities      
Accrued taxes related to net share settlement of equity awards $ 84,207 $ 0 $ 0
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Organization
 12 Months Ended
Dec. 31, 2024
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.
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying 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 regarding annual financial reporting. The accompanying 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 (loss) from operations, net income (loss), or cash flows. The Company’s fiscal year ends on December 31.
Use of Estimates
The preparation of the 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods.
Significant estimates and assumptions made in the accompanying 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.
Segments
The Company has two operating segments, commercial and government, which were determined based on the manner in which the chief operating decision maker (“CODM”), who is the Chief Executive Officer, manages the operations of the Company for purposes of allocating resources and evaluating performance. Various factors, including the Company’s organizational and management reporting structure and customer type, were considered in determining these operating segments.
The Company’s operating segments are described below:
•Commercial: This segment primarily serves customers working in non-government industries.
•Government: This segment primarily serves customers that are U.S government and non-U.S. government agencies.
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 consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows (in thousands):
As of December 31,
202420232022
Cash and cash equivalents$2,098,524 $831,047 $2,598,540 
Restricted cash included in prepaid expenses and other current assets7,704 370 16,244 
Restricted cash included in other assets13,708 18,690 12,551 
Total cash, cash equivalents, and restricted cash$2,119,936 $850,107 $2,627,335 
Accounts Receivable, Net
Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company generally grants non-collateralized credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment, the allowance for credit losses was immaterial and $10.5 million as of December 31, 2024 and 2023, respectively.
Debt Securities
Debt securities are primarily comprised of U.S. Treasury securities. The debt securities are classified as available-for-sale at the time of purchase and are reevaluated as of each balance sheet date. The Company considers the majority of its available-for-sale debt securities as available for use in current operations and may sell these securities at any time, and therefore classifies these securities as current assets in its consolidated balance sheets. Debt securities included in marketable securities on the consolidated balance sheets consist of U.S. Treasury securities with original maturities of greater than three months at the time of purchase, and the remaining U.S. Treasury securities are included in cash and cash equivalents. Interest income on debt securities is included in other income (expense), net on the consolidated statements of operations.
The majority of the Company’s available-for-sale securities are recorded at fair value each reporting period using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. The Company evaluates investments with unrealized loss positions by assessing if they are related to deterioration in credit risk and whether it expects to recover the entire amortized cost basis of the security, the Company’s intent to sell, and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their cost basis. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized in other income (expense), net in the consolidated statements of operations. Unrealized gains and non-credit related losses are reported as a separate component of accumulated other comprehensive income (loss), net in the consolidated balance sheets until realized. Realized gains and losses and declines in value are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.
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 in the consolidated balance sheets. The Company’s accounts receivable balances as of December 31, 2024 and 2023 were $575.0 million and $364.8 million, respectively. Customer I represented 26% and 15% of total accounts receivable as of December 31, 2024 and 2023, respectively, and no other customer represented more than 10% of total accounts receivable as of December 31, 2024 or 2023. 
For the years ended December 31, 2024, 2023, and 2022, no customer represented 10% or more of total revenue.
Property and Equipment, Net
Property and equipment, net are stated at cost less accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the respective assets, which are generally three years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life, which is generally five years. Maintenance and repairs that do not improve or extend the useful lives of the assets are expensed when incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation and amortization are derecognized from the consolidated balance sheets and any resulting gain or loss is recorded in the consolidated statements of operations in the period realized.
Privately-held Equity Securities
Equity securities in privately-held companies without readily determinable fair values are recorded using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes in orderly transactions for identical or similar investments of the same issuer. Changes in the basis of the equity securities are recognized in other income (expense), net in the consolidated statements of operations.
Intangible Assets
Intangible assets include finite-lived intangible assets, which mainly consist of customer relationships, reacquired rights, and backlog. These assets are amortized over their estimated useful lives and are tested for impairment using a similar methodology to our property and equipment, as described below. Intangible assets are recorded in other assets in the consolidated balance sheets.
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the future undiscounted cash flows that the asset is expected to generate. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Impairments of long-lived assets during the years ended December 31, 2024, 2023, and 2022 were not material.
Leases
The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Renewals or early terminations are not accounted for unless the Company is reasonably certain to exercise these options. Operating lease expense is recognized and the ROU asset is amortized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component. For short-term leases, defined as leases with a term of twelve months or less, the Company elected the practical expedient to not recognize an associated lease liability and ROU asset. Lease payments for short-term leases are expensed on a straight-line basis over the lease term.
Operating leases are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on the Company’s consolidated balance sheets. Finance leases are not material.
Fair Value Measurement
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date.
The Company measures fair value based on a three-level hierarchy of inputs, maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. A financial instrument’s level within the
three-level hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three-level hierarchy of inputs is as follows:
Level 1: Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s own assumptions about current market conditions and require significant management judgment or estimation.
Financial instruments consist of money market funds and certificates of deposit included in cash equivalents and restricted cash, accounts receivable, marketable securities, other assets accounted for at fair value, accounts payable, and accrued liabilities. Money market funds, certificates of deposit, and marketable securities are stated at fair value on a recurring basis. Accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.
Revenue Recognition
The Company generates revenue from the sale of subscriptions to access its software platforms in the Company’s hosted environment, along with ongoing operations and maintenance (“O&M”) services (“Palantir Cloud”); software licenses, primarily term licenses in the customers’ environments, with ongoing O&M services (“On-Premises Software”); and professional services.
In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company applies the following five-step revenue recognition model in accounting for its revenue arrangements:
•Identification of the contract(s) with the customer, including whether collectability of the consideration is probable by considering the customers’ ability and intention to pay;
•Identification of the performance obligations in the contract;
•Determination of the transaction price;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when, or as, the Company satisfies a performance obligation.
Additionally, the pricing of the Company’s contracts is generally fixed; however, it is possible for contracts to include variable consideration, which can be based on subjective or objective criteria. The Company includes the estimated amount of variable consideration that it expects to receive to the extent it is probable that a significant revenue reversal will not occur.
Each of the Company’s significant performance obligations and the Company’s application of ASC 606 to its revenue arrangements is discussed in further detail below.
Palantir Cloud
The Company’s Palantir Cloud subscriptions grant customers the right to access the software functionality in a hosted environment controlled by Palantir and are sold together with stand-ready O&M services, as further described below. The Company agrees to provide continuous access to its hosted software platforms throughout the contract term. Revenue associated with Palantir Cloud subscriptions is generally recognized over the contract term on a ratable basis, which is consistent with the transfer of control of the Palantir Cloud subscription to the customer.
On-Premises Software
Sales of the Company’s software licenses, primarily term licenses, grant customers the right to use functional intellectual property, either on their internal hardware infrastructure or on their own cloud instance, over the contractual term and are also sold together with stand-ready O&M services. The O&M services include critical updates, support, and maintenance services required to operate the software and, as such, are necessary for the software to maintain its intended utility over the contractual
term. Because of this requirement, the Company has concluded that the software licenses and O&M services, which together the Company refers to as On-Premises Software, are highly interdependent and interrelated and represent a single distinct performance obligation within the context of the contract. Revenue is generally recognized over the contract term on a ratable basis.
Professional Services
The Company’s professional services support the customers’ use of the software platforms and include, as needed, on-demand user support, user-interface configuration, training, and ongoing ontology and data modeling support. Professional services contracts typically include the provision of on-demand professional services for the duration of the contractual term, which may be coterminous or non-coterminous with a Palantir Cloud subscription or the On-Premises Software. Professional services are on-demand, whereby the Company performs services throughout the service period; therefore, the revenue is recognized over the related term.
Contract Liabilities
The timing of customer billings and payments relative to the start of the service period varies from contract to contract; however, the Company bills many of its customers in advance of the provision of services under its contracts, resulting in contract liabilities consisting of either deferred revenue or customer deposits (“contract liabilities”). Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer. Customer deposits consist of amounts billed and/or paid in advance of the start of the contractual term or for anticipated revenue generating activities for the portion of a contract term that is subject to cancellation by its customers. Many of the Company’s arrangements include terms that allow the customer to terminate the contract for convenience and receive a pro-rata refund of the amount of the customer deposit for the period of time remaining in the contract term after the applicable termination notice period expires. In these arrangements, the Company concluded there are no enforceable rights and obligations after such notice period and therefore the consideration received or due from the customer that is subject to termination for convenience is recorded as customer deposits.
The payment terms and conditions vary by contract; however, the Company’s terms generally require payment within 30 to 60 days from the invoice date. In instances where the timing of revenue recognition differs from the timing of payment, the Company elected to apply the practical expedient in accordance with ASC 606 to not adjust contract consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when promised goods and services are transferred to the customer and when the customer pays for those goods and services will be one year or less. As such, the Company determined its contracts do not generally contain a significant financing component.
Areas of Judgment and Estimation
The Company’s contracts with customers can include multiple promises to transfer goods or services to the customer. Determining whether promises are distinct performance obligations that should be accounted for separately – or not distinct within the context of the contract and, thus, accounted for together – requires significant judgment. The Company concluded that the promise to provide a software license is highly interdependent and interrelated with the promise to provide O&M services and such promises are not distinct within the context of its contracts and are accounted for as a single performance obligation as the Company’s On-Premises Software.
Significant estimates and assumptions are used in the identification of performance obligations in customer contracts and 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 our financial position and results of operations.
Costs to Obtain and Fulfill Contracts
Incremental costs of obtaining a contract include only those costs that are directly related to the acquisition of contracts, including sales commissions, and that would not have been incurred if the contract had not been obtained. The Company recognizes a contract cost asset for the incremental costs of obtaining a contract with a customer if it is expected that the economic benefit and amortization period will be longer than one year. Costs to obtain contracts were not material in the periods presented.
The Company recognizes an asset for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. Costs to fulfill contracts were not material in the periods presented.
Software Development Costs
The Company evaluates capitalization of certain software development costs subsequent to the establishment of technological feasibility. Based on the Company’s product development process and substantial development risks, technological feasibility is generally established for the Company’s products when they are made available for general release. Accordingly, most costs are charged to research and development expense in the period incurred.
Cost of Revenue
Cost of revenue primarily includes salaries, stock-based compensation expense, and benefits for personnel involved in performing O&M and professional services, as well as subcontractor expenses, field-service representatives, third-party cloud hosting services, hardware costs, travel costs, allocated overhead, and other direct costs.
Sales and Marketing Costs
Sales and marketing costs primarily include salaries, stock-based compensation expense, variable compensation, including commissions, and benefits for the sales force and personnel involved in sales functions, executing on pilots, including bootcamps, and customer growth activities, as well as third-party cloud hosting services for pilots, marketing and sales event-related costs, travel costs, and allocated overhead. The Company generally charges all such costs to sales and marketing expense in the period incurred. Advertising costs are expensed as incurred and included in sales and marketing expense within the consolidated statements of operations. Advertising expense totaled $18.2 million, $21.4 million, and $38.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Research and Development Costs
Research and development costs primarily include salaries, stock-based compensation expense, and benefits for personnel involved in performing the activities to develop and refine the Company’s platforms and products, as well as third-party cloud hosting services and other IT-related costs, travel costs, and allocated overhead. Research and development costs are expensed as incurred.
Commitments and Contingencies
Liabilities for loss contingencies arising from claims, disputes, legal proceedings, fines and penalties, and other sources are recorded when it is probable that a liability has been or will be incurred and the amount of the liability can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of such legal costs from insurance policies are recorded as an offset to legal expenses in the period they are received.
Share Repurchase Program
Share repurchases are recorded on the trade date and the repurchase price is inclusive of any related fees and commissions. Shares of Class A common stock repurchased by the Company are immediately retired and upon retirement, the par value of the Class A common stock repurchased is deducted from common stock with the excess of repurchase price recorded to additional paid-in capital on the Company’s consolidated balance sheets.
Stock-Based Compensation
The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. The assumptions used to determine the grant-date fair value of the awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company recognizes forfeitures as they occur.
Service-Based Awards
The Company grants awards, including RSUs, stock option awards, and SARs, which vest based upon the satisfaction of a service condition. For such awards, the Company records stock-based compensation expense on a straight-line basis over the requisite service periods. The Company determines the grant-date fair value of the RSUs based on the fair value of the Company’s common stock on the grant date. For stock option awards and SARs that vest over an explicit service period and are exercisable at expiration, during a limited window (“Time-Vesting SARs”), the Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the grant-date fair value of the awards. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the expected term of the award, the expected volatility rate, risk-free interest rate, and the expected dividend yield of the common stock.
Performance-Based Awards
The Company also grants awards, including RSUs, that vest upon the satisfaction of both a service condition and a performance condition. The Company determines the grant-date fair value of RSUs with both a service-based vesting condition and a performance-based vesting condition based on the fair value of the Company’s common stock on the grant date and records stock-based compensation expense using the accelerated attribution method over the service period. The performance-based vesting condition for the RSUs granted prior to September 30, 2020, the date the Company completed a direct listing of its Class A common stock on the New York Stock Exchange (the “Direct Listing”) was satisfied upon the occurrence of the Company’s Direct Listing. For P-RSUs granted after the Direct Listing, the Company recognizes expense for the number of P-RSUs expected to vest, determined based on the level of achievement against certain performance conditions, over the requisite service period when it is probable that the performance condition will be achieved.
Market-Based Awards
The Company grants awards, including SARs, that vest upon the satisfaction of market-based vesting conditions. For SARs that vest upon the satisfaction of a market-based vesting condition without an explicit service-based condition (“Market-Vesting SARs”), the Company estimates the grant-date fair value of the awards and the corresponding derived service period using a Monte Carlo simulation model, which requires the use of various assumptions including the contractual term, expected volatility rate, risk-free interest rate, suboptimal exercise factor, annual post-vest termination rate, and cost of equity as of the grant date. Stock-based compensation expense for these awards is recognized over the derived service period. If the market condition is achieved earlier than the grant date derived service period, the remaining stock-based compensation expense will be accelerated, and a cumulative catch-up expense will be recorded during the period in which the market condition is met. Once the derived service period is complete, previously recognized stock-based compensation expense related to Market-Vesting SARs will not be reversed even if the specified market condition is not achieved.
Income Taxes
The Company estimates its current tax expense together with assessing temporary differences resulting from differing treatment of items not currently deductible for tax purposes. These differences result in deferred tax assets and liabilities on the Company’s consolidated balance sheets, which are estimated based upon the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates that will be in effect when these differences reverse. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s consolidated statements of operations become deductible expenses under applicable income tax laws or loss or credit carryforwards are utilized. Accordingly, the realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses, and credits can be utilized.
The Company evaluates the realizability of its deferred tax assets on a regular basis and recognizes a valuation allowance when it is more likely than not that a future benefit on such deferred tax assets will not be realized. During such evaluation, the Company weighs all available positive and negative evidence, including temporary and permanent differences by jurisdiction, especially those related to excess tax benefits from stock-based compensation, scheduled reversals of deferred tax liabilities, its earning history and results of operations, and tax planning strategies. Additionally, the Company evaluates its projected future results of business operations, considering any uncertainty in future operating results relative to historical results, volatility in the market price and performance of the Company’s Class A common stock over time, variable macroeconomic conditions impacting the Company’s ability to forecast future taxable income, and changes in business that may affect the existence and magnitude of future taxable income. If certain factors change and the Company determines that the deferred tax assets are realizable at a more-likely-than not level, it will adjust the valuation allowance in the period the determination is made. Changes in the valuation allowance, when recorded, would be included in the Company’s consolidated statements of operations. Management’s judgment is required in determining the Company’s valuation allowance recorded against its net deferred tax assets.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes. The Company is subject to the Global Intangible Low Taxed Income (“GILTI”) tax in the U.S. and has elected to treat taxes on future GILTI inclusions as current period expense if and when incurred.
Net Earnings (Loss) Per Share Attributable to Common Stockholders
The Company computes net earnings (loss) per share attributable to its common stockholders using the two-class method required for participating securities, which determines net earnings (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in distributed and undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.
The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, and Class F common stock (collectively, the “common stock”) are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net earnings (loss) per share will, therefore, be the same for all classes of common stock on an individual or combined basis. As such, the Company has presented the net income (loss) attributed to its common stock on a combined basis.
Noncontrolling Interests
A noncontrolling interest represents the proportionate equity interest in a subsidiary that is not attributable, either directly or indirectly, to the Company and is reported as equity of the Company, separate from the Company’s controlling interest. Revenues, expenses, gains, losses, net income (loss), and other comprehensive income (loss) are reported in the consolidated financial statements at the consolidated amounts, which include the amounts attributable to both controlling and noncontrolling interests.
Foreign Currency
Generally, the functional currency of the Company’s international subsidiaries is the local currency of the country in which they operate. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each reporting period. Revenue and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment and included in accumulated other comprehensive income (loss).
For transactions that are not denominated in the local functional currency, the Company remeasures monetary assets and liabilities at exchange rates in effect at the end of each reporting period. Transaction gains and losses from the remeasurement are recognized in other income (expense), net within the consolidated statements of operations.
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company adopted the guidance during the year ended December 31, 2024, and applied it retrospectively to the periods presented. See Note 13. Segment and Geographic Information for more information.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued 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 currently evaluating the impacts of the new standard on its consolidated financial statements.
v3.25.0.1
Contract Liabilities and Remaining Performance Obligations
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024 and 2023, the Company’s contract liabilities were $566.4 million and $486.3 million, respectively. Revenue of $457.6 million and $329.4 million was recognized during the years ended December 31, 2024 and 2023, respectively, that was included in the contract liabilities as of December 31, 2023 and 2022, 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 $1.7 billion as of December 31, 2024, of which the Company expects to recognize approximately 48% as revenue over the next 12 months, 40% as revenue over the subsequent 13 to 36 months, and the remainder thereafter.
Disaggregation of Revenue
See Note 13. Segment and Geographic Information for disaggregated revenue by customer segment and geographic region.
v3.25.0.1
Investments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
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 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 $— 
As of December 31, 2023
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$576,565 $576,565 $— $— 
U.S Treasury securities10,079 — 10,079 — 
Certificates of deposit938 — 938 — 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,777 — 4,777 — 
Marketable securities:
U.S. Treasury securities2,824,861 — 2,824,861 — 
Publicly-traded equity securities18,271 18,271 — — 
Total$3,435,491 $594,836 $2,840,655 $— 
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 December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the consolidated balance sheet, consisted of the following (in thousands):
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 
As of December 31, 2023, available-for-sale debt securities consisted of the following (in thousands):
As of December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$2,831,505 $4,520 $(1,085)$2,834,940 
Total debt securities$2,831,505 $4,520 $(1,085)$2,834,940 
Included in cash and cash equivalents$10,078 $1 $— $10,079 
Included in marketable securities$2,821,427 $4,519 $(1,085)$2,824,861 
The Company did not sell any available-for-sale debt securities during the fiscal years ended December 31, 2024 or 2022. The Company sold $694.6 million of available-for-sale debt securities during the fiscal year ended December 31, 2023 and immediately reinvested such proceeds into additional debt securities. The realized gains and losses from those sales were immaterial. No credit or non-credit losses related to available-for sale debt securities were recorded as of December 31, 2024 or 2023. As of December 31, 2024 and 2023, available-for-sale debt securities of $716.3 million and $236.0 million, 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 December 31, 2024 or 2023 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 December 31, 2024 or 2023. All of the Company’s U.S. Treasury securities had contractual maturities due within one year as of December 31, 2024 and 2023.
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 consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the consolidated statements of operations. For the year ended December 31, 2024, net unrealized gains from publicly-traded equity securities held at the end of the period were immaterial. For the years ended December 31, 2023, and 2022 net unrealized losses from publicly-traded equity securities held at the end of each period were $4.5 million, and $197.3 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 December 31, 2024 and December 31, 2023, the total amount of privately-held equity securities included in other assets on the consolidated balance sheets was $64.9 million and $32.6 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. The Company did not record any material adjustments or impairments for the privately-held equity securities held as of December 31, 2024 and December 31, 2023.
Additionally, we have accepted, and may continue to accept, securities as noncash consideration. Total equity securities received as noncash consideration was $58.7 million, $41.7 million, and $6.8 million during the years ended December 31, 2024, 2023, and 2022, 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 fiscal years ended December 31, 2024 or 2023.
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 ASC 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 years ended December 31, 2024, 2023, and 2022, revenue recognized from Strategic Commercial Contracts was $52.3 million, $87.3 million, and $118.4 million, respectively.
v3.25.0.1
Balance Sheet Components
 12 Months Ended
Dec. 31, 2024
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 December 31,
20242023
Leasehold improvements$85,284 $83,139 
Computer equipment, software, and other55,815 50,844 
Furniture and fixtures13,906 13,834 
Construction in progress7,632 2,099 
Total property and equipment, gross162,637 149,916 
Less: accumulated depreciation and amortization(122,999)(102,158)
Total property and equipment, net$39,638 $47,758 
Depreciation and amortization expense related to property and equipment, net was $23.7 million, $23.7 million, and $19.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
As of December 31,
20242023
Accrued payroll and related expenses$306,939 $83,094 
Accrued taxes42,243 47,257 
Accrued other liabilities77,864 92,640 
Total accrued liabilities$427,046 $222,991 
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
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 December 31, 2024, 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 December 31, 2024.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to October 2034, some of which include one or more options to extend. Additionally, some lease contracts include termination options.
Supplemental balance sheet information related to lease liabilities at December 31, 2024 and 2023 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,740 $182,863 
Total right-of-use assets$200,740 $182,863 
Lease liabilities:
Operating leasesOperating lease liabilities$43,993 $54,176 
Operating lease liabilities, noncurrent195,226 175,216 
Total lease liabilities$239,219 $229,392 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20242023
Operating lease expense$57,655 $61,972 
Short-term lease expense3,445 4,949 
Variable lease expense5,585 4,772 
Sublease income(17,205)(18,905)
Total lease expense, net$49,480 $52,788 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing.
Maturities of operating lease liabilities as of December 31, 2024 were as follows (in thousands):
As of December 31, 2024
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2025$61,509 $14,783 $46,726 
202654,035 13,786 40,249 
202741,709 14,423 27,286 
202825,449 12,470 12,979 
202918,796 10,254 8,542 
Thereafter106,554 20,507 86,047 
Total undiscounted liabilities308,052 86,223 221,829 
Less: Imputed interest(68,833)— (68,833)
Total operating lease liabilities$239,219 $86,223 $152,996 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was seven years and six years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was 7% and 6%, respectively.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2024 and 2023 (in thousands):
Years Ended December 31,
20242023
Cash paid for operating lease liabilities$65,402 $63,374 
Lease liabilities arising from obtaining right-of-use assets
$58,320 $28,112 
As of December 31, 2024, the Company has no additional operating leases for office space that have not yet commenced.
Leases Leases
The Company has operating leases primarily for corporate office space and equipment. Certain lease agreements contain renewal options, rent abatement, and escalation clauses that are factored into our determination of lease payments when appropriate. The Company's leases have remaining terms up to October 2034, some of which include one or more options to extend. Additionally, some lease contracts include termination options.
Supplemental balance sheet information related to lease liabilities at December 31, 2024 and 2023 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,740 $182,863 
Total right-of-use assets$200,740 $182,863 
Lease liabilities:
Operating leasesOperating lease liabilities$43,993 $54,176 
Operating lease liabilities, noncurrent195,226 175,216 
Total lease liabilities$239,219 $229,392 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20242023
Operating lease expense$57,655 $61,972 
Short-term lease expense3,445 4,949 
Variable lease expense5,585 4,772 
Sublease income(17,205)(18,905)
Total lease expense, net$49,480 $52,788 
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. Short-term lease costs primarily represent temporary employee housing.
Maturities of operating lease liabilities as of December 31, 2024 were as follows (in thousands):
As of December 31, 2024
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2025$61,509 $14,783 $46,726 
202654,035 13,786 40,249 
202741,709 14,423 27,286 
202825,449 12,470 12,979 
202918,796 10,254 8,542 
Thereafter106,554 20,507 86,047 
Total undiscounted liabilities308,052 86,223 221,829 
Less: Imputed interest(68,833)— (68,833)
Total operating lease liabilities$239,219 $86,223 $152,996 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was seven years and six years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2024 and 2023 was 7% and 6%, respectively.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2024 and 2023 (in thousands):
Years Ended December 31,
20242023
Cash paid for operating lease liabilities$65,402 $63,374 
Lease liabilities arising from obtaining right-of-use assets
$58,320 $28,112 
As of December 31, 2024, the Company has no additional operating leases for office space that have not yet commenced.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
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. In September 2023, the Company amended one of its third-party cloud hosting services agreements. Under this amendment, the Company has committed to spend at least $1.95 billion over ten contract years through September 30, 2033, as well as certain additional minimum usage commitments, among other things. As of December 31, 2024, the Company satisfied $55.7 million of its $160.2 million commitment for the contract year beginning October 1, 2024 and ending September 30, 2025.
Litigation and Legal Proceedings
From time to time, third parties may assert patent infringement claims against the Company. In addition, from time to time, the Company may be subject to other legal proceedings and claims in the ordinary course of business, including claims of alleged infringement of trademarks, copyrights, and other intellectual property rights; employment claims; securities claims; investor claims; corporate claims; class action claims; and general contract, tort, or other claims. The Company may from time to time also be subject to various legal or government claims, disputes, or investigations. Such matters may include, but not be limited to, claims, disputes, allegations, or investigations related to warranty; refund; breach of contract; breach, leak, or misuse of personal data or confidential information; employment; government procurement; intellectual property; government regulation or compliance (including but not limited to anti-corruption requirements, export or other trade controls, data privacy or data protection, cybersecurity requirements, or antitrust/competition law requirements); securities; investor; corporate; or other matters. The Company 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 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. Because the litigation is in early stages, the Company is unable to estimate the reasonably possible loss or range of loss, if any, that may result from these matters.
As of December 31, 2024, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that are expected to have a material adverse impact on its 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 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 December 31, 2024 and 2023.
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 December 31, 2024 and 2023.
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.
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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
9. 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 December 31, 2024.
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 December 31, 2024.
The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands):
As of December 31, 2024As of December 31, 2023
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,242,389 20,000,000 2,096,982 
Class B Common Stock2,700,000 95,401 2,700,000 102,141 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,338,795 22,701,005 2,200,128 
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 year ended December 31, 2024, the Company repurchased and subsequently retired 2.1 million shares of its Class A common stock for an aggregate amount, including commissions, of $64.2 million under the Share Repurchase Program. As of December 31, 2024, approximately $935.8 million of the originally authorized amount under the Share Repurchase Program remained available for future repurchases.
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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
2020 Executive Equity Incentive Plan
In August 2020, the Company’s Board of Directors approved the 2020 Executive Equity Incentive Plan (the “Executive Equity Plan”). The Executive Equity Plan permitted the granting of nonstatutory stock options (“NSOs”) and RSUs to the Company’s employees, consultants, and directors. A total of 165,900,000 shares of the Company’s Class B common stock were reserved for issuance under the Executive Equity Plan. During August 2020, options to purchase 162,000,000 shares of Class B common
stock and restricted stock units covering 3,900,000 shares of the Company’s Class B common stock were granted to certain officers.
The Executive Equity Plan was terminated prior to the Company’s Direct Listing, and no additional awards will be granted under the Executive Equity Plan. However, the Executive Equity Plan will continue to govern the terms and conditions of the outstanding awards previously granted under the Executive Equity Plan.
2020 Equity Incentive Plan
In September 2020, prior to the Direct Listing, the Company’s Board of Directors approved the 2020 Equity Incentive Plan (“2020 Plan”). The 2020 Plan provides for the grant of incentive stock options (“ISOs”), NSOs, restricted stock, RSUs, SARs, and performance awards to the Company’s employees, directors, and consultants. A total of 150,000,000 shares of the Company’s Class A common stock were initially reserved for issuance pursuant to the 2020 Plan. In addition, the number of shares of Class A common stock reserved for issuance under the 2020 Plan includes certain shares of common stock subject to awards under the 2010 Equity Incentive Plan (“2010 Plan”) and Executive Equity Plan in the case of certain occurrences, such as expirations, terminations, exercise and tax-related withholding, or failures to vest. Shares of Class B common stock added to the 2020 Plan from the 2010 Plan or Executive Equity Plan are reserved for issuance under the Company’s 2020 Plan as Class A common stock. The number of shares of Class A common stock available for issuance under the 2020 Plan will also include an annual increase on the first day of each fiscal year beginning on January 1, 2022, equal to the least of:
•250,000,000 shares of the Company’s Class A common stock;
•Five percent of the outstanding shares of the Company’s common stock as of the last day of the immediately preceding fiscal year; or
•such other amount as the administrator of the 2020 Plan determines.
Under the 2020 Plan, the exercise price of options granted is generally at least equal to the fair market value of the Company’s Class A common stock on the date of grant. The term of an ISO generally may not exceed ten years. Additionally, the exercise price of any ISO granted to a 10% stockholder shall not be less than 110% of the fair market value of the common stock on the date of grant, and the term of such option grant shall not exceed five years. Options and other equity awards become vested and, if applicable, exercisable based on terms determined by the Board of Directors or another plan administrator on the date of grant, which is typically four years for new employees and varies for subsequent grants.
Stock Options and SARs
The following table summarizes stock option and SAR activity for the year ended December 31, 2024 (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, 2023278,470 $8.62 7.6$2,381,172 — $— 0.0$— 
Granted— — 51,620 50.73 
Exercised(99,297)7.51 (41,023)50.00 
Canceled and forfeited(1,064)5.78 (4,160)50.19 
Balance as of December 31, 2024178,109 $9.26 6.9$11,821,740 6,437 $55.75 6.7$127,976 
Vested and exercisable as of December 31, 202480,155 $6.66 6.0$5,528,204 — $— 0.0$— 
The aggregate intrinsic value of options and SARs outstanding, as well as those which are vested and exercisable, is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock as of the respective periods presented, accounting for the maximum appreciation of an award, as applicable. The aggregate intrinsic value of options exercised during the years ended December 31, 2024, 2023, and 2022 was $3.8 billion, $476.8 million, and $112.3 million, respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock on the exercise date. The aggregate intrinsic value of SARs exercised during the year ended December 31, 2024 was $707.9 million. SARs exercised during the years ended December 31, 2023 and 2022 were not material.
There were no options granted during the years ended December 31, 2024, 2023, and 2022. The total grant-date fair value of options that vested during the years ended December 31, 2024, 2023, and 2022 was $107.7 million, $131.0 million, and $170.8 million, respectively. The weighted-average grant-date fair value of SARs granted during the year ended December 31, 2024 was $4.08 per share. The total grant-date fair value of SARs that vested during the year ended December 31, 2024 was $138.8 million. No SARs were vested in the years ended December 31, 2023 or 2022.
As of December 31, 2024, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $500.4 million and $54.8 million, respectively, which is expected to be recognized over a weighted-average service period of six and seven years, respectively.
Market-Vesting SARs
During the year ended December 31, 2024, the Company granted Market-Vesting SARs that vest upon the satisfaction of a market-based vesting condition and are subject to continued service. During the three months ended December 31, 2024, the market-based vesting condition was satisfied and all Market-Vesting SARs were vested when the price per share of the Company’s Class A common stock exceeded $50 within an open trading window (measured based on the closing price on the immediately prior trading day) (an “Above Price Day”). The Company immediately accelerated $115.8 million of stock-based compensation expense as the SARs vested prior to their grant date derived service period. Following the satisfaction of such condition, Market-Vesting SARs could only be exercised on an Above Price Day, up to the maximum appreciation of $20 per Market-Vesting SAR. During the three months ended December 31, 2024, all outstanding Market-Vesting SARs were exercised. The related employee withholding taxes were funded by net share settlement, where shares withheld by the Company are reflected as a reduction to additional paid in capital. When the related employee withholding taxes are remitted, they are presented as cash outflows for financing activities.
The Company determined the grant-date fair value of Market-Vesting SARs using a Monte Carlo simulation model which incorporates various assumptions including the contractual term, expected stock price volatility, risk-free interest rate, suboptimal exercise factor, annual post-vest termination rate, and cost of capital as of the grant date.
For the Market-Vesting SARs granted during the year ended December 31, 2024, the assumptions used in the Monte Carlo simulation model included the following:
Year Ended
December 31, 2024
Expected volatility rate
55.2% - 58.9%
Risk-free interest rate
4.1% - 4.7%
The expected volatility rate is based on a combination of the Company’s implied volatility and the historical volatility of comparable publicly-traded companies. 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.
Time-Vesting SARs
During the year ended December 31, 2024, the Company granted Time-Vesting SARs which vest over explicit service periods of up to nine years. Additionally, such Time-Vesting SARs become exercisable at expiration, during a limited window (“Exercise Window”), if the Company’s stock price reaches a certain threshold. Time-Vesting SARs have exercise prices of between $39–$70 and maximum appreciation values of between $60–$180.
The Company determined the grant-date fair value of Time-Vesting SARs 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:
Year Ended
December 31, 2024
Expected volatility rate
54.9% - 59.2%
Expected term (in years)
3.7 - 9.2
Risk-free interest rate
3.4% - 3.9%
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 year ended December 31, 2024 (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, 202382,262 $10.71 1,976 $15.39 
Granted19,098 30.90 4,336 24.02 
Vested(31,989)13.65 (3,654)20.52 
Canceled and forfeited(4,135)15.31 (512)11.29 
Adjustment for performance results achieved(1)
— $— (1,569)$18.90 
Unvested and outstanding as of December 31, 202465,236 $14.89 577 $41.93 
—————
(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.
During the fiscal year ended December 31, 2024, the Company granted RSUs that have only a service-based vesting condition, as well as P-RSUs that have both service-based and performance-based vesting conditions. The service-based vesting condition for each is generally satisfied upon continued service through a specified date. Vesting periods for the RSUs and P-RSUs are generally up to four years and three months, respectively. The performance-based vesting condition is satisfied upon the achievement of certain Company performance goals set by the Compensation Committee of the Board of Directors. The ultimate number of P-RSUs earned and eligible to vest ranges between 0% to 100% of the target number of P-RSUs granted depending on the level of achievement of such Company performance goals.
The total grant-date fair value of RSUs vested during the years ended December 31, 2024, 2023, and 2022 was $436.6 million, $526.1 million, and $453.2 million, respectively. The total grant-date fair value of P-RSUs vested during the year ended December 31, 2024 was $75.0 million. No P-RSUs were vested in the years ended December 31, 2023 or 2022. As of December 31, 2024, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $711.4 million, which is expected to be recognized over a weighted-average service period of three years. As of December 31, 2024, 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):
Years Ended December 31,
202420232022
Cost of revenue$69,065 $35,995 $44,061 
Sales and marketing239,121 160,645 196,301 
Research and development165,065 98,064 93,871 
General and administrative218,387 181,199 230,565 
Total stock-based compensation expense$691,638 $475,903 $564,798 
The Company did not recognize any tax benefits related to stock-based compensation expense during the years ended December 31, 2024, 2023, or 2022.
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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income (loss) before provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202420232022
United States$426,944 $174,637 $(402,834)
Foreign62,229 62,454 41,807 
Income (loss) before provision for income taxes$489,173 $237,091 $(361,027)
Provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202420232022
Current:
Federal$— $— $— 
State1,556 2,333 765 
Foreign20,265 22,189 9,476 
Total current provision21,821 24,522 10,241 
Deferred:
Federal— — — 
State— — — 
Foreign(566)(4,806)(174)
Total deferred provision(566)(4,806)(174)
Total provision for income taxes$21,255 $19,716 $10,067 
A reconciliation of the expected tax provision at the statutory federal income tax rate to the Company’s recorded tax provision consisted of the following (in thousands):
Years Ended December 31,
202420232022
Expected tax (benefit) at U.S. federal statutory rate$102,726 $49,789 $(75,592)
State income taxes - net of federal benefit1,365 2,309 766 
Foreign tax rate differential(15,767)859 832 
Research and development tax credits(103,858)(45,667)(34,546)
Stock-based compensation(513,841)(79,128)1,374 
Non-deductible officers’ compensation
33,404 34,479 40,629 
Change in valuation allowance507,149 35,070 49,833 
Base Erosion Anti-Abuse Tax and related elections— 14,700 25,200 
Taxes withheld at source5,599 4,378 — 
Non-deductible expenses5,545 3,610 — 
Other(1,067)(683)1,571 
Total provision for income taxes$21,255 $19,716 $10,067 
For the year ended December 31, 2024, the Company recorded a provision for income taxes of $21.3 million compared to $19.7 million for the year ended December 31, 2023, primarily due to the increased foreign tax expense as the result of higher foreign taxable income and withholding taxes.
For the year ended December 31, 2023, the Company recorded a provision for income taxes of $19.7 million compared to $10.1 million for the year ended December 31, 2022, primarily due to the increase in foreign income taxes as the result of higher foreign taxable income and higher foreign withholding taxes in the current year.
Deferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to reverse. Significant deferred tax assets and liabilities consisted of the following (in thousands):
As of December 31,
20242023
Net operating loss carryforwards$1,583,076 $1,317,684 
Capitalized research and experimental expenses504,156 214,848 
Reserves and accruals87,111 99,105 
Tax credit carryforwards394,579 277,060 
Stock-based compensation76,604 139,419 
Lease liabilities60,103 53,902 
Depreciation and amortization15,839 14,413 
Capitalized facilitative expenses38,436 28,906 
Gross deferred tax assets2,759,904 2,145,337 
Acquisition related intangibles(6,827)(8,428)
Right-of-use assets(50,208)(42,721)
Total net deferred tax assets before valuation allowance2,702,869 2,094,188 
Valuation allowance(2,710,393)(2,102,251)
Net deferred tax assets (liabilities)$(7,524)$(8,063)
The Company reviews the recognition of deferred tax assets on a regular basis to determine if realization of such assets is more likely than not. Due to the weight of objectively verifiable negative evidence, including the Company’s history of U.S. and certain foreign net operating tax losses, primarily in the U.K., the Company has continued to maintain a full valuation
allowance against potential future benefits for U.S, federal, state, and certain foreign deferred tax assets as of December 31, 2024.
The Company will release the valuation allowance when there is sufficient positive evidence to support a conclusion that it is more likely than not the future benefit on such deferred tax assets will be realized. Although the Company has achieved positive cumulative income before provision for income taxes in the U.S. over the past three years, when adjusting for permanent differences, primarily related to excess tax benefits from stock-based compensation, the outcome resulted in a cumulative tax loss position for that period. The future timing and amount of such valuation allowance being released is uncertain based on the Company’s future assessment of all available evidence, including its recent earnings and anticipated future earnings, expected temporary and permanent differences, especially those related to excess tax benefits from stock-based compensation, scheduled reversals of deferred tax liabilities, and tax planning strategies. As such, there is a reasonable possibility that the Company may 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 release of all, or a portion, of the valuation allowance would result in the recognition of certain deferred tax assets and may result in a material decrease to income tax expense for the period the release is recorded.
The valuation allowance totaled $2.7 billion and $2.1 billion for the years ended December 31, 2024 and 2023, respectively. The valuation allowance on our net deferred tax assets increased by $608.1 million and $50.6 million during the years ended December 31, 2024 and 2023, respectively. Such increase was primarily a result of an increase in excess tax benefits from permanent differences related to excess tax benefits from stock-based compensation, partially offset by an increase in income before provision for income taxes in the U.S.
Provisions enacted by the 2017 Tax Cuts and Jobs Act related to the capitalization for tax purposes of research and experimental (“R&E”) expenditures became effective on January 1, 2022. All U.S. and foreign based R&E expenditures must be capitalized and amortized over five years and 15 years, respectively. As a result of this enactment, the Company began capitalizing and amortizing R&E expenditures over five years for domestic research and 15 for foreign research rather than expensing these costs as incurred during fiscal year ended December 31, 2022. The Company has recorded a deferred tax asset of $504.2 million as of December 31, 2024 compared to $214.8 million as of December 31, 2023 related to the capitalization requirement.
As of December 31, 2024, the Company had U.S. federal and state net operating losses of approximately $5.5 billion and $3.2 billion, respectively. As of December 31, 2023, the Company had U.S. federal and state net operating losses of approximately $5.0 billion and $2.5 billion, respectively. The U.S. federal net operating loss carryforwards will expire at various dates beginning in 2035 through 2037 if not utilized, with the exception of $4.8 billion which can be carried forward indefinitely. The state net operating loss carryforwards will expire at various dates beginning in 2025 through 2044 if not utilized.
Additionally, as of December 31, 2024, the Company had federal and California research and development credits of approximately $426.3 million and $122.6 million, respectively. As of December 31, 2023, the Company had federal and California research and development credits of approximately $290.1 million and $99.5 million, respectively. The federal research and development credits will begin to expire in the years 2027 through 2044 if not utilized and the California research and development credits have no expiration date. Utilization of the net operating losses and research and development credit carryforwards may be subject to an annual limitation due to the ownership percentage change limitations provided by the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of the net operating loss and research and development credit carryforwards before utilization.
As of December 31, 2024, the Company had U.S. federal capital loss carryforwards of $351.5 million. As of December 31, 2023, the Company had U.S. federal capital loss carryforwards of $324.0 million. The capital loss carryforwards will expire beginning in 2027 if not utilized.
As of December 31, 2024, the Company had foreign net operating losses, primarily in the U.K., of approximately $946.2 million. As of December 31, 2023, the Company had foreign net operating losses, primarily in the U.K., of approximately $464.7 million. These net operating losses can be carried forward indefinitely.
As of December 31, 2024, the Company had an immaterial amount of earnings from its wholly-owned foreign subsidiaries indefinitely reinvested outside the U.S. The Company does not intend to repatriate these earnings and, accordingly, the Company does not provide for U.S. income taxes and foreign withholding tax on these earnings.
On August 16, 2022, the Inflation Reduction Act was signed into law, with tax provisions primarily focused on implementing a 15% minimum tax on global adjusted financial income and a 1% excise tax on the value of net share repurchases. The Inflation Reduction Act became effective beginning in fiscal year 2023. Based on the Company’s current analysis of the provisions, the law has not had a material impact on the Company’s consolidated financial statements.
The Company has considered the impact of the new Organization for Economic Co-operation and Development (“OECD”) global minimum tax provision (“Pillar 2”) rules and has determined that the Pillar 2 rules were applicable to the Company starting January 1, 2024. 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.
Uncertain Tax Positions
A reconciliation of the gross unrecognized tax benefits consists of the following (in thousands):
Years Ended December 31,
202420232022
Unrecognized tax benefit beginning of year$112,016 $81,904 $65,070 
Increases in current year tax positions39,494 14,346 5,733 
Increases in prior year tax positions2,926 15,766 11,497 
Decreases in prior year tax positions— — (36)
Decreases in prior year tax positions due to settlements(3,253)— (360)
Decreases in prior year tax positions due to lapse of statute of limitations— — — 
Unrecognized tax benefit end of year$151,183 $112,016 $81,904 
As of December 31, 2024, 2023, and 2022, the Company recorded gross unrecognized tax benefits of $151.2 million, $112.0 million, and $81.9 million, respectively, that, if recognized, would not benefit the Company’s effective tax rate due to the valuation allowance that currently offsets deferred tax assets.
As of December 31, 2024, no significant increases or decreases are expected to the Company’s uncertain tax positions within the next twelve months.
It is the Company’s policy to recognize interest and penalties related to income tax matters in provision for income taxes on the consolidated statements of operations. The Company has recorded immaterial interest and penalties related to uncertain tax positions as of December 31, 2024, 2023, and 2022.
The Company files U.S. federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitation. The material jurisdictions where the Company is subject to potential examination by tax authorities are the U.S. (federal and state) for tax years 2004 through 2024 and the U.K. for tax years 2017 through 2024.
v3.25.0.1
Net Earnings (Loss) Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Earnings (Loss) Per Share Attributable to Common Stockholders Net Earnings (Loss) Per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted net earnings (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):
As of December 31,
202420232022
Numerator
Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share$462,190 $209,825 $(373,705)
Denominator
Weighted-average shares used in computing net earnings (loss) per share:
Basic2,250,163 2,147,446 2,063,793 
Effect of dilutive shares200,655 150,481 — 
Diluted2,450,818 2,297,927 2,063,793 
Net earnings (loss) per share
Net earnings (loss) per share attributable to common stockholders:
Basic$0.21 $0.10 $(0.18)
Diluted$0.19 $0.09 $(0.18)
Diluted net earnings (loss) per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings (loss) per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands):
As of December 31,
202420232022
Options and SARs issued and outstanding— 162,000 326,913 
RSUs and P-RSUs outstanding— 13,245 126,426 
Warrants to purchase common stock— — 13,042 
Total— 175,245 466,381 
As of December 31, 2024, the Company had 6.4 million Time-Vesting SARs outstanding, of which, the maximum number of potentially dilutive Class A common shares upon vesting would be the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time.
v3.25.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2024
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 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):
Years Ended December 31,
202420232022
Amount%Amount%Amount%
Contribution:
Government revenue$1,569,605 $1,222,215 $1,071,776 
Expenses attributable to government segment(621,165)(497,245)(451,099)
Government contribution948,440 60 %724,970 59 %620,677 58 %
Commercial revenue1,295,902 1,002,797 834,095 
Expenses attributable to commercial segment(524,394)(482,212)(419,599)
Commercial contribution771,508 60 %520,585 52 %414,496 50 %
Total contribution$1,719,948 60 %$1,245,555 56 %$1,035,173 54 %
The reconciliation of contribution to income (loss) from operations is as follows (in thousands):
Years Ended December 31,
202420232022
Income (loss) from operations$310,403 $119,966 $(161,201)
Research and development expenses (1)
342,813 306,560 265,808 
General and administrative expenses (1)
375,094 343,126 365,768 
Total stock-based compensation expense691,638 475,903 564,798 
Total contribution$1,719,948 $1,245,555 $1,035,173 
—————
(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):
Years Ended December 31,
202420232022
Amount%Amount%Amount%
Revenue:
United States$1,900,247 66 %$1,378,247 62 %$1,161,416 61 %
United Kingdom304,575 11 %235,257 11 %220,942 12 %
Rest of world (1)
660,685 23 %611,508 27 %523,513 27 %
Total revenue$2,865,507 100 %$2,225,012 100 %$1,905,871 100 %
—————
(1) No other country represented 10% or more of total revenue for the years ended December 31, 2024, 2023, or 2022.
Property and equipment, net is attributed to the Company’s office locations as follows (in thousands, except percentages):
As of December 31,
20242023
Amount%Amount%
Property and equipment, net:
United States$22,968 58 %$28,825 60 %
Japan9,183 23 %11,440 24 %
United Kingdom5,634 14 %5,851 12 %
Rest of world1,853 5 %1,642 4 %
Total property and equipment, net$39,638 100 %$47,758 100 %
v3.25.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2024
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):
Weighted average useful lifeAs of December 31, 2024As of December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships2.8$10,400 $(4,507)$5,893 $10,400 $(2,427)$7,973 
Reacquired rights4.817,618 (5,453)12,165 17,618 (2,936)14,682 
Backlog0.06,700 (6,700)— 6,700 (3,908)2,792 
Other0.04,225 (4,225)— 4,225 (3,770)455 
Total intangible assets$38,943 $(20,885)$18,058 $38,943 $(13,041)$25,902 
Amortization expense of intangible assets was $7.8 million and $9.6 million for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024, 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
2025$4,597 
20264,597 
20274,250 
20282,517 
20292,097 
Thereafter— 
Total$18,058 
v3.25.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
Related Party Transactions
15. Related Party Transactions
Alexander Karp, the Company’s Chief Executive Officer, flies on non-commercial aircraft for business and personal travel. In the fiscal year 2024, Mr. Karp began to use an aircraft beneficially owned by him (the “Executive Aircraft”) for such travel. During the year ended December 31, 2024, the Company incurred expenses related to the use of the Executive Aircraft of $7.7 million.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ 462,190 $ 209,825 $ (373,705)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Terminated false  
Alexander Moore [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 22, 2024, Alexander Moore, a member of our Board of Directors, 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 240,000 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 February 27, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Alexander Moore  
Title member of our Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 22, 2024  
Expiration Date February 27, 2026  
Arrangement Duration 462 days  
Aggregate Available 240,000 240,000
Alexander Karp [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On November 22, 2024, Alexander Karp, our Chief Executive Officer and a member of our Board of Directors, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on December 12, 2023 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 9B. Other Information of our Annual Report on Form 10-K for the year ended December 31, 2023, which is incorporated herein by reference.
On December 11, 2024, Mr. Karp 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 9,975,000 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 September 12, 2025, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Alexander Karp  
Title Chief Executive Officer and a member of our Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 11, 2024  
Rule 10b5-1 Arrangement Terminated true  
Termination Date November 22, 2024  
Expiration Date September 12, 2025  
Arrangement Duration 275 days  
Aggregate Available 9,975,000 9,975,000
Stephen Cohen [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On December 11, 2024, Stephen Cohen, our President, Secretary, and a member of our Board of Directors, 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 4,060,000 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 September 12, 2025, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Stephen Cohen  
Title President, Secretary, and a member of our Board of Directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 11, 2024  
Expiration Date September 12, 2025  
Arrangement Duration 275 days  
Aggregate Available 4,060,000 4,060,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk Management and Strategy
We maintain a security organization that is responsible for overseeing security practices across the Company, including with respect to information, personnel, and facilities. Our information security team maintains policies and processes for assessing, identifying, and managing material risk from cybersecurity and other information security threats, including as may be related to our third party vendors and suppliers.
Our Chief Information Security Officer leads our information security team and works with Palantir’s other departments in areas such as facilities, physical security, operations, data protection, information technology, product development, finance,
legal and compliance, where necessary in assessing and reviewing risks and identifying actions to be taken. As part of our overall approach to risk management, we monitor and evaluate the sufficiency of our policies, processes and controls, including with respect to cybersecurity risks and process.
Regular assessments and reviews, both internal and independent, are conducted on Palantir information assets and networks, including systems, devices, applications, and related computing resources, to evaluate potential risks and vulnerabilities, identify actions to be taken, and evaluate the effectiveness of our cybersecurity program and controls. Risk management exercises occur regularly, and in response to changes in Company operations, risk landscape, and threat actor activities using threat modeling, risk forecasting, and other techniques to identify where investments in security should be made. Internal assessments occur based on results from risk management exercises, changes in infrastructure, cybersecurity risks, threat actor activity, and in response to other internal or external events. External assessments are conducted by independent assessors, consultants, or auditors, as relevant, and occur regularly in order to maintain our certifications and accreditations with certain compliance regimes (for example, FedRAMP).
We also provide employees with policies and training in areas such as ethics, corruption, information security, social engineering, data protection, and compliance, and with regular updates on the cybersecurity program and potential threats.
Additionally, Palantir utilizes third-party software, services, and providers in our cybersecurity program in furtherance of our security processes such as endpoint security, threat intelligence, cloud security, and authentication services. The third-party vendors we engage with are generally required to implement industry standard technical, administrative, cybersecurity, and physical measures designed to protect the security and confidentiality of Palantir information (including customer information). Additionally, such providers undergo review, dependent on the software and services they are expected to provide, as part of our vendor onboarding process and may be subject to additional review upon certain critical events, or in connection with contract renewals. Third-party providers must notify Palantir promptly of relevant security incidents.
We face a number of cybersecurity risks in connection with our business. To date, our business strategy, results of operations, and financial condition have not been materially affected by cybersecurity incidents. For additional information, please refer to Item 1A. “Risk Factors” in this Annual Report on Form 10-K, including the risk factors under the section entitled “Risks Related to Intellectual Property, Information Technology, Data Privacy, and Security”.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We maintain a security organization that is responsible for overseeing security practices across the Company, including with respect to information, personnel, and facilities. Our information security team maintains policies and processes for assessing, identifying, and managing material risk from cybersecurity and other information security threats, including as may be related to our third party vendors and suppliers.
Our Chief Information Security Officer leads our information security team and works with Palantir’s other departments in areas such as facilities, physical security, operations, data protection, information technology, product development, finance,
legal and compliance, where necessary in assessing and reviewing risks and identifying actions to be taken. As part of our overall approach to risk management, we monitor and evaluate the sufficiency of our policies, processes and controls, including with respect to cybersecurity risks and process.
Regular assessments and reviews, both internal and independent, are conducted on Palantir information assets and networks, including systems, devices, applications, and related computing resources, to evaluate potential risks and vulnerabilities, identify actions to be taken, and evaluate the effectiveness of our cybersecurity program and controls. Risk management exercises occur regularly, and in response to changes in Company operations, risk landscape, and threat actor activities using threat modeling, risk forecasting, and other techniques to identify where investments in security should be made. Internal assessments occur based on results from risk management exercises, changes in infrastructure, cybersecurity risks, threat actor activity, and in response to other internal or external events. External assessments are conducted by independent assessors, consultants, or auditors, as relevant, and occur regularly in order to maintain our certifications and accreditations with certain compliance regimes (for example, FedRAMP).
We also provide employees with policies and training in areas such as ethics, corruption, information security, social engineering, data protection, and compliance, and with regular updates on the cybersecurity program and potential threats.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance
Risk is inherent with every business, and we face a number of risks, including strategic, financial, business and operational, legal and compliance, and reputational. We have designed and implemented processes to manage risk in our operations. Management is responsible for the day-to-day management of risks we face, while our Board of Directors, as a whole and assisted by its committees, has responsibility for the oversight of risk management. Our Board of Directors administers its cybersecurity risk oversight function directly and may choose to administer this function through its committees as well.
Our Chief Information Security Officer oversees our cybersecurity program, policies and processes, including those described in “Risk Management and Strategy” above, and works with the information security team and other stakeholders on the prevention, detection, mitigation, response and remediation of cybersecurity incidents, as applicable. As our information security team monitors the security and effectiveness of our policies and processes, they also work to keep the Chief Information Security Officer and other members of leadership informed of critical incidents, process updates, or other material details, in accordance with our internal reporting structure. Our Chief Information Security Officer in turn provides periodic briefings to our Board of Directors regarding our company’s cybersecurity risks and activities, which would include recent material cybersecurity incidents and related responses, if any, changes to the risk landscape, and updates or changes to the cybersecurity program. Our current Chief Information Security Officer has over 15 years of systems engineering and technical cybersecurity experience, and holds an undergraduate degree in computer science and a graduate degree in business administration. He has also completed graduate-level courses in computer science, and holds certifications in information security. The information security team includes employees with broad ranging experience in cybersecurity threat assessments and detection, incident response, and mitigation and management of various types of threats, including from insiders and nation-state actors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board of Directors administers its cybersecurity risk oversight function directly and may choose to administer this function through its committees as well.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Chief Information Security Officer in turn provides periodic briefings to our Board of Directors regarding our company’s cybersecurity risks and activities, which would include recent material cybersecurity incidents and related responses, if any, changes to the risk landscape, and updates or changes to the cybersecurity program.
Cybersecurity Risk Role of Management [Text Block] Management is responsible for the day-to-day management of risks we face, while our Board of Directors, as a whole and assisted by its committees, has responsibility for the oversight of risk management.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Chief Information Security Officer oversees our cybersecurity program, policies and processes, including those described in “Risk Management and Strategy” above, and works with the information security team and other stakeholders on the prevention, detection, mitigation, response and remediation of cybersecurity incidents, as applicable. As our information security team monitors the security and effectiveness of our policies and processes, they also work to keep the Chief Information Security Officer and other members of leadership informed of critical incidents, process updates, or other material details, in accordance with our internal reporting structure. Our Chief Information Security Officer in turn provides periodic briefings to our Board of Directors regarding our company’s cybersecurity risks and activities, which would include recent material cybersecurity incidents and related responses, if any, changes to the risk landscape, and updates or changes to the cybersecurity program. Our current Chief Information Security Officer has over 15 years of systems engineering and technical cybersecurity experience, and holds an undergraduate degree in computer science and a graduate degree in business administration. He has also completed graduate-level courses in computer science, and holds certifications in information security. The information security team includes employees with broad ranging experience in cybersecurity threat assessments and detection, incident response, and mitigation and management of various types of threats, including from insiders and nation-state actors.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our current Chief Information Security Officer has over 15 years of systems engineering and technical cybersecurity experience, and holds an undergraduate degree in computer science and a graduate degree in business administration. He has also completed graduate-level courses in computer science, and holds certifications in information security.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our Chief Information Security Officer oversees our cybersecurity program, policies and processes, including those described in “Risk Management and Strategy” above, and works with the information security team and other stakeholders on the prevention, detection, mitigation, response and remediation of cybersecurity incidents, as applicable. As our information security team monitors the security and effectiveness of our policies and processes, they also work to keep the Chief Information Security Officer and other members of leadership informed of critical incidents, process updates, or other material details, in accordance with our internal reporting structure. Our Chief Information Security Officer in turn provides periodic briefings to our Board of Directors regarding our company’s cybersecurity risks and activities, which would include recent material cybersecurity incidents and related responses, if any, changes to the risk landscape, and updates or changes to the cybersecurity program. Our current Chief Information Security Officer has over 15 years of systems engineering and technical cybersecurity experience, and holds an undergraduate degree in computer science and a graduate degree in business administration. He has also completed graduate-level courses in computer science, and holds certifications in information security. The information security team includes employees with broad ranging experience in cybersecurity threat assessments and detection, incident response, and mitigation and management of various types of threats, including from insiders and nation-state actors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation
The accompanying 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 regarding annual financial reporting. The accompanying 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 (loss) from operations, net income (loss), or cash flows. The Company’s fiscal year ends on December 31.
Use of Estimates
Use of Estimates
The preparation of the 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 consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods.
Significant estimates and assumptions made in the accompanying 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.
Segments
Segments
The Company has two operating segments, commercial and government, which were determined based on the manner in which the chief operating decision maker (“CODM”), who is the Chief Executive Officer, manages the operations of the Company for purposes of allocating resources and evaluating performance. Various factors, including the Company’s organizational and management reporting structure and customer type, were considered in determining these operating segments.
The Company’s operating segments are described below:
•Commercial: This segment primarily serves customers working in non-government industries.
•Government: This segment primarily serves customers that are U.S government and non-U.S. government agencies.
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.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows (in thousands):
As of December 31,
202420232022
Cash and cash equivalents$2,098,524 $831,047 $2,598,540 
Restricted cash included in prepaid expenses and other current assets7,704 370 16,244 
Restricted cash included in other assets13,708 18,690 12,551 
Total cash, cash equivalents, and restricted cash$2,119,936 $850,107 $2,627,335 
Accounts Receivable, Net
Accounts Receivable, Net
Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company generally grants non-collateralized credit terms to its customers. Allowance for credit losses is based on the Company’s best estimate of probable losses inherent in its accounts receivable portfolio and is determined based on expectations of the customer’s ability to pay by considering factors such as customer type (commercial or government), historical experience, financial position of the customer, age of the accounts receivable, current economic conditions, and reasonable and supportable forward-looking factors about its portfolio and future economic conditions. Accounts receivable are written-off and charged against an allowance for credit losses when the Company has exhausted collection efforts without success. Based upon the Company’s assessment, the allowance for credit losses was immaterial and $10.5 million as of December 31, 2024 and 2023, respectively.
Debt Securities
Debt Securities
Debt securities are primarily comprised of U.S. Treasury securities. The debt securities are classified as available-for-sale at the time of purchase and are reevaluated as of each balance sheet date. The Company considers the majority of its available-for-sale debt securities as available for use in current operations and may sell these securities at any time, and therefore classifies these securities as current assets in its consolidated balance sheets. Debt securities included in marketable securities on the consolidated balance sheets consist of U.S. Treasury securities with original maturities of greater than three months at the time of purchase, and the remaining U.S. Treasury securities are included in cash and cash equivalents. Interest income on debt securities is included in other income (expense), net on the consolidated statements of operations.
The majority of the Company’s available-for-sale securities are recorded at fair value each reporting period using quoted prices of similar instruments and are classified within Level 2 of the fair value hierarchy. The Company evaluates investments with unrealized loss positions by assessing if they are related to deterioration in credit risk and whether it expects to recover the entire amortized cost basis of the security, the Company’s intent to sell, and whether it is more likely than not that the Company will be required to sell the securities before the recovery of their cost basis. Credit-related impairment losses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized in other income (expense), net in the consolidated statements of operations. Unrealized gains and non-credit related losses are reported as a separate component of accumulated other comprehensive income (loss), net in the consolidated balance sheets until realized. Realized gains and losses and declines in value are determined based on the specific identification method and are reported in other income (expense), net in the consolidated statements of operations.
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 in the consolidated balance sheets. The Company’s accounts receivable balances as of December 31, 2024 and 2023 were $575.0 million and $364.8 million, respectively. Customer I represented 26% and 15% of total accounts receivable as of December 31, 2024 and 2023, respectively, and no other customer represented more than 10% of total accounts receivable as of December 31, 2024 or 2023. 
For the years ended December 31, 2024, 2023, and 2022, no customer represented 10% or more of total revenue.
Property and Equipment, Net
Property and Equipment, Net
Property and equipment, net are stated at cost less accumulated depreciation and amortization. Depreciation is recognized using the straight-line method over the estimated useful lives of the respective assets, which are generally three years. Leasehold improvements are capitalized and amortized using the straight-line method over the shorter of the remaining lease term or the estimated useful life, which is generally five years. Maintenance and repairs that do not improve or extend the useful lives of the assets are expensed when incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation and amortization are derecognized from the consolidated balance sheets and any resulting gain or loss is recorded in the consolidated statements of operations in the period realized.
Privately-held Equity Securities
Privately-held Equity Securities
Equity securities in privately-held companies without readily determinable fair values are recorded using the measurement alternative. Such investments are carried at cost, less any impairments, and are adjusted for subsequent observable price changes in orderly transactions for identical or similar investments of the same issuer. Changes in the basis of the equity securities are recognized in other income (expense), net in the consolidated statements of operations.
Other Intangible Assets
Intangible Assets
Intangible assets include finite-lived intangible assets, which mainly consist of customer relationships, reacquired rights, and backlog. These assets are amortized over their estimated useful lives and are tested for impairment using a similar methodology to our property and equipment, as described below. Intangible assets are recorded in other assets in the consolidated balance sheets.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
Long-lived assets are reviewed for impairment annually or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount of an asset to the future undiscounted cash flows that the asset is expected to generate. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Impairments of long-lived assets during the years ended December 31, 2024, 2023, and 2022 were not material.
Leases
Leases
The Company determines if an arrangement is a lease at inception. An arrangement is or contains a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. If a lease is identified, classification is determined at lease commencement. Operating lease liabilities are recognized at the present value of the future lease payments at the lease commencement date. The Company’s leases do not provide an implicit interest rate and therefore the Company estimates its incremental borrowing rate to discount lease payments. The incremental borrowing rate reflects the interest rate that the Company would have to pay to borrow on a collateralized basis an amount equal to the lease payments in a similar economic environment over a similar term. Operating lease right-of-use (“ROU”) assets are based on the corresponding lease liability adjusted for any lease payments made at or before commencement, initial direct costs, and lease incentives. Renewals or early terminations are not accounted for unless the Company is reasonably certain to exercise these options. Operating lease expense is recognized and the ROU asset is amortized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component. For short-term leases, defined as leases with a term of twelve months or less, the Company elected the practical expedient to not recognize an associated lease liability and ROU asset. Lease payments for short-term leases are expensed on a straight-line basis over the lease term.
Operating leases are included in operating lease right-of-use assets, operating lease liabilities, and operating lease liabilities, non-current on the Company’s consolidated balance sheets. Finance leases are not material.
Fair Value Measurement
Fair Value Measurement
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability, or an exit price, in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date.
The Company measures fair value based on a three-level hierarchy of inputs, maximizing the use of observable inputs, where available, and minimizing the use of unobservable inputs when measuring fair value. A financial instrument’s level within the
three-level hierarchy is based on the lowest level of input that is significant to the fair value measurement. The three-level hierarchy of inputs is as follows:
Level 1: Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. These inputs are based on the Company’s own assumptions about current market conditions and require significant management judgment or estimation.
Financial instruments consist of money market funds and certificates of deposit included in cash equivalents and restricted cash, accounts receivable, marketable securities, other assets accounted for at fair value, accounts payable, and accrued liabilities. Money market funds, certificates of deposit, and marketable securities are stated at fair value on a recurring basis. Accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.
Revenue Recognition
Revenue Recognition
The Company generates revenue from the sale of subscriptions to access its software platforms in the Company’s hosted environment, along with ongoing operations and maintenance (“O&M”) services (“Palantir Cloud”); software licenses, primarily term licenses in the customers’ environments, with ongoing O&M services (“On-Premises Software”); and professional services.
In accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company applies the following five-step revenue recognition model in accounting for its revenue arrangements:
•Identification of the contract(s) with the customer, including whether collectability of the consideration is probable by considering the customers’ ability and intention to pay;
•Identification of the performance obligations in the contract;
•Determination of the transaction price;
•Allocation of the transaction price to the performance obligations in the contract; and
•Recognition of revenue when, or as, the Company satisfies a performance obligation.
Additionally, the pricing of the Company’s contracts is generally fixed; however, it is possible for contracts to include variable consideration, which can be based on subjective or objective criteria. The Company includes the estimated amount of variable consideration that it expects to receive to the extent it is probable that a significant revenue reversal will not occur.
Each of the Company’s significant performance obligations and the Company’s application of ASC 606 to its revenue arrangements is discussed in further detail below.
Palantir Cloud
The Company’s Palantir Cloud subscriptions grant customers the right to access the software functionality in a hosted environment controlled by Palantir and are sold together with stand-ready O&M services, as further described below. The Company agrees to provide continuous access to its hosted software platforms throughout the contract term. Revenue associated with Palantir Cloud subscriptions is generally recognized over the contract term on a ratable basis, which is consistent with the transfer of control of the Palantir Cloud subscription to the customer.
On-Premises Software
Sales of the Company’s software licenses, primarily term licenses, grant customers the right to use functional intellectual property, either on their internal hardware infrastructure or on their own cloud instance, over the contractual term and are also sold together with stand-ready O&M services. The O&M services include critical updates, support, and maintenance services required to operate the software and, as such, are necessary for the software to maintain its intended utility over the contractual
term. Because of this requirement, the Company has concluded that the software licenses and O&M services, which together the Company refers to as On-Premises Software, are highly interdependent and interrelated and represent a single distinct performance obligation within the context of the contract. Revenue is generally recognized over the contract term on a ratable basis.
Professional Services
The Company’s professional services support the customers’ use of the software platforms and include, as needed, on-demand user support, user-interface configuration, training, and ongoing ontology and data modeling support. Professional services contracts typically include the provision of on-demand professional services for the duration of the contractual term, which may be coterminous or non-coterminous with a Palantir Cloud subscription or the On-Premises Software. Professional services are on-demand, whereby the Company performs services throughout the service period; therefore, the revenue is recognized over the related term.
Contract Liabilities
The timing of customer billings and payments relative to the start of the service period varies from contract to contract; however, the Company bills many of its customers in advance of the provision of services under its contracts, resulting in contract liabilities consisting of either deferred revenue or customer deposits (“contract liabilities”). Deferred revenue represents billings under noncancelable contracts before the related product or service is transferred to the customer. Customer deposits consist of amounts billed and/or paid in advance of the start of the contractual term or for anticipated revenue generating activities for the portion of a contract term that is subject to cancellation by its customers. Many of the Company’s arrangements include terms that allow the customer to terminate the contract for convenience and receive a pro-rata refund of the amount of the customer deposit for the period of time remaining in the contract term after the applicable termination notice period expires. In these arrangements, the Company concluded there are no enforceable rights and obligations after such notice period and therefore the consideration received or due from the customer that is subject to termination for convenience is recorded as customer deposits.
The payment terms and conditions vary by contract; however, the Company’s terms generally require payment within 30 to 60 days from the invoice date. In instances where the timing of revenue recognition differs from the timing of payment, the Company elected to apply the practical expedient in accordance with ASC 606 to not adjust contract consideration for the effects of a significant financing component as the Company expects, at contract inception, that the period between when promised goods and services are transferred to the customer and when the customer pays for those goods and services will be one year or less. As such, the Company determined its contracts do not generally contain a significant financing component.
Areas of Judgment and Estimation
The Company’s contracts with customers can include multiple promises to transfer goods or services to the customer. Determining whether promises are distinct performance obligations that should be accounted for separately – or not distinct within the context of the contract and, thus, accounted for together – requires significant judgment. The Company concluded that the promise to provide a software license is highly interdependent and interrelated with the promise to provide O&M services and such promises are not distinct within the context of its contracts and are accounted for as a single performance obligation as the Company’s On-Premises Software.
Significant estimates and assumptions are used in the identification of performance obligations in customer contracts and 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 our financial position and results of operations.
Costs to Obtain and Fulfill Contracts
Incremental costs of obtaining a contract include only those costs that are directly related to the acquisition of contracts, including sales commissions, and that would not have been incurred if the contract had not been obtained. The Company recognizes a contract cost asset for the incremental costs of obtaining a contract with a customer if it is expected that the economic benefit and amortization period will be longer than one year. Costs to obtain contracts were not material in the periods presented.
The Company recognizes an asset for the costs to fulfill a contract with a customer if the costs are specifically identifiable, generate or enhance resources used to satisfy future performance obligations, and are expected to be recovered. Costs to fulfill contracts were not material in the periods presented.
Software Development Costs
Software Development Costs
The Company evaluates capitalization of certain software development costs subsequent to the establishment of technological feasibility. Based on the Company’s product development process and substantial development risks, technological feasibility is generally established for the Company’s products when they are made available for general release. Accordingly, most costs are charged to research and development expense in the period incurred.
Cost of Revenue
Cost of Revenue
Cost of revenue primarily includes salaries, stock-based compensation expense, and benefits for personnel involved in performing O&M and professional services, as well as subcontractor expenses, field-service representatives, third-party cloud hosting services, hardware costs, travel costs, allocated overhead, and other direct costs.
Sales and Marketing Costs
Sales and Marketing Costs
Sales and marketing costs primarily include salaries, stock-based compensation expense, variable compensation, including commissions, and benefits for the sales force and personnel involved in sales functions, executing on pilots, including bootcamps, and customer growth activities, as well as third-party cloud hosting services for pilots, marketing and sales event-related costs, travel costs, and allocated overhead. The Company generally charges all such costs to sales and marketing expense in the period incurred. Advertising costs are expensed as incurred and included in sales and marketing expense within the consolidated statements of operations. Advertising expense totaled $18.2 million, $21.4 million, and $38.6 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Research and Development Costs
Research and Development Costs
Research and development costs primarily include salaries, stock-based compensation expense, and benefits for personnel involved in performing the activities to develop and refine the Company’s platforms and products, as well as third-party cloud hosting services and other IT-related costs, travel costs, and allocated overhead. Research and development costs are expensed as incurred.
Commitments and Contingencies
Commitments and Contingencies
Liabilities for loss contingencies arising from claims, disputes, legal proceedings, fines and penalties, and other sources are recorded when it is probable that a liability has been or will be incurred and the amount of the liability can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. Recoveries of such legal costs from insurance policies are recorded as an offset to legal expenses in the period they are received.
Share Repurchase Program
Share Repurchase Program
Share repurchases are recorded on the trade date and the repurchase price is inclusive of any related fees and commissions. Shares of Class A common stock repurchased by the Company are immediately retired and upon retirement, the par value of the Class A common stock repurchased is deducted from common stock with the excess of repurchase price recorded to additional paid-in capital on the Company’s consolidated balance sheets.
Stock-Based Compensation
Stock-Based Compensation
The Company accounts for stock-based compensation expense in accordance with the fair value recognition and measurement provisions of GAAP, which require compensation cost for the grant-date fair value of stock-based awards to be recognized over the requisite service period. The Company determines the fair value of stock-based awards granted or modified on the grant date or modification date using appropriate valuation techniques. The assumptions used to determine the grant-date fair value of the awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The Company recognizes forfeitures as they occur.
Service-Based Awards
The Company grants awards, including RSUs, stock option awards, and SARs, which vest based upon the satisfaction of a service condition. For such awards, the Company records stock-based compensation expense on a straight-line basis over the requisite service periods. The Company determines the grant-date fair value of the RSUs based on the fair value of the Company’s common stock on the grant date. For stock option awards and SARs that vest over an explicit service period and are exercisable at expiration, during a limited window (“Time-Vesting SARs”), the Company uses the Black-Scholes-Merton (“Black-Scholes”) option pricing model to determine the grant-date fair value of the awards. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the expected term of the award, the expected volatility rate, risk-free interest rate, and the expected dividend yield of the common stock.
Performance-Based Awards
The Company also grants awards, including RSUs, that vest upon the satisfaction of both a service condition and a performance condition. The Company determines the grant-date fair value of RSUs with both a service-based vesting condition and a performance-based vesting condition based on the fair value of the Company’s common stock on the grant date and records stock-based compensation expense using the accelerated attribution method over the service period. The performance-based vesting condition for the RSUs granted prior to September 30, 2020, the date the Company completed a direct listing of its Class A common stock on the New York Stock Exchange (the “Direct Listing”) was satisfied upon the occurrence of the Company’s Direct Listing. For P-RSUs granted after the Direct Listing, the Company recognizes expense for the number of P-RSUs expected to vest, determined based on the level of achievement against certain performance conditions, over the requisite service period when it is probable that the performance condition will be achieved.
Market-Based Awards
The Company grants awards, including SARs, that vest upon the satisfaction of market-based vesting conditions. For SARs that vest upon the satisfaction of a market-based vesting condition without an explicit service-based condition (“Market-Vesting SARs”), the Company estimates the grant-date fair value of the awards and the corresponding derived service period using a Monte Carlo simulation model, which requires the use of various assumptions including the contractual term, expected volatility rate, risk-free interest rate, suboptimal exercise factor, annual post-vest termination rate, and cost of equity as of the grant date. Stock-based compensation expense for these awards is recognized over the derived service period. If the market condition is achieved earlier than the grant date derived service period, the remaining stock-based compensation expense will be accelerated, and a cumulative catch-up expense will be recorded during the period in which the market condition is met. Once the derived service period is complete, previously recognized stock-based compensation expense related to Market-Vesting SARs will not be reversed even if the specified market condition is not achieved.
Income Taxes
Income Taxes
The Company estimates its current tax expense together with assessing temporary differences resulting from differing treatment of items not currently deductible for tax purposes. These differences result in deferred tax assets and liabilities on the Company’s consolidated balance sheets, which are estimated based upon the difference between the financial statement and tax bases of assets and liabilities using the enacted tax rates that will be in effect when these differences reverse. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s consolidated statements of operations become deductible expenses under applicable income tax laws or loss or credit carryforwards are utilized. Accordingly, the realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses, and credits can be utilized.
The Company evaluates the realizability of its deferred tax assets on a regular basis and recognizes a valuation allowance when it is more likely than not that a future benefit on such deferred tax assets will not be realized. During such evaluation, the Company weighs all available positive and negative evidence, including temporary and permanent differences by jurisdiction, especially those related to excess tax benefits from stock-based compensation, scheduled reversals of deferred tax liabilities, its earning history and results of operations, and tax planning strategies. Additionally, the Company evaluates its projected future results of business operations, considering any uncertainty in future operating results relative to historical results, volatility in the market price and performance of the Company’s Class A common stock over time, variable macroeconomic conditions impacting the Company’s ability to forecast future taxable income, and changes in business that may affect the existence and magnitude of future taxable income. If certain factors change and the Company determines that the deferred tax assets are realizable at a more-likely-than not level, it will adjust the valuation allowance in the period the determination is made. Changes in the valuation allowance, when recorded, would be included in the Company’s consolidated statements of operations. Management’s judgment is required in determining the Company’s valuation allowance recorded against its net deferred tax assets.
The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes. The Company is subject to the Global Intangible Low Taxed Income (“GILTI”) tax in the U.S. and has elected to treat taxes on future GILTI inclusions as current period expense if and when incurred.
Net Earnings (Loss) Per Share Attributable to Common Stockholders
Net Earnings (Loss) Per Share Attributable to Common Stockholders
The Company computes net earnings (loss) per share attributable to its common stockholders using the two-class method required for participating securities, which determines net earnings (loss) per common share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in distributed and undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.
The rights, including the liquidation and dividend rights, of the holders of Class A, Class B, and Class F common stock (collectively, the “common stock”) are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis and the resulting net earnings (loss) per share will, therefore, be the same for all classes of common stock on an individual or combined basis. As such, the Company has presented the net income (loss) attributed to its common stock on a combined basis.
Noncontrolling Interests
Noncontrolling Interests
A noncontrolling interest represents the proportionate equity interest in a subsidiary that is not attributable, either directly or indirectly, to the Company and is reported as equity of the Company, separate from the Company’s controlling interest. Revenues, expenses, gains, losses, net income (loss), and other comprehensive income (loss) are reported in the consolidated financial statements at the consolidated amounts, which include the amounts attributable to both controlling and noncontrolling interests.
Foreign Currency
Foreign Currency
Generally, the functional currency of the Company’s international subsidiaries is the local currency of the country in which they operate. The Company translates the assets and liabilities of its non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each reporting period. Revenue and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment and included in accumulated other comprehensive income (loss).
For transactions that are not denominated in the local functional currency, the Company remeasures monetary assets and liabilities at exchange rates in effect at the end of each reporting period. Transaction gains and losses from the remeasurement are recognized in other income (expense), net within the consolidated statements of operations.
Recently Adopted Accounting Pronouncements And Recent Accounting Pronouncements Not Yet Adopted
Recently Adopted Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company adopted the guidance during the year ended December 31, 2024, and applied it retrospectively to the periods presented. See Note 13. Segment and Geographic Information for more information.
Recent Accounting Pronouncements Not Yet Adopted
In December 2023, the FASB issued 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 currently evaluating the impacts of the new standard on its consolidated financial statements.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
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 consolidated balance sheets that sum to the total of the amounts shown in the consolidated statements of cash flows (in thousands):
As of December 31,
202420232022
Cash and cash equivalents$2,098,524 $831,047 $2,598,540 
Restricted cash included in prepaid expenses and other current assets7,704 370 16,244 
Restricted cash included in other assets13,708 18,690 12,551 
Total cash, cash equivalents, and restricted cash$2,119,936 $850,107 $2,627,335 
v3.25.0.1
Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
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 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 $— 
As of December 31, 2023
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$576,565 $576,565 $— $— 
U.S Treasury securities10,079 — 10,079 — 
Certificates of deposit938 — 938 — 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,777 — 4,777 — 
Marketable securities:
U.S. Treasury securities2,824,861 — 2,824,861 — 
Publicly-traded equity securities18,271 18,271 — — 
Total$3,435,491 $594,836 $2,840,655 $— 
Debt Securities, Available-for-Sale
As of December 31, 2024, available-for-sale debt securities, all of which are included in marketable securities on the consolidated balance sheet, consisted of the following (in thousands):
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 
As of December 31, 2023, available-for-sale debt securities consisted of the following (in thousands):
As of December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$2,831,505 $4,520 $(1,085)$2,834,940 
Total debt securities$2,831,505 $4,520 $(1,085)$2,834,940 
Included in cash and cash equivalents$10,078 $1 $— $10,079 
Included in marketable securities$2,821,427 $4,519 $(1,085)$2,824,861 
v3.25.0.1
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
As of December 31,
20242023
Leasehold improvements$85,284 $83,139 
Computer equipment, software, and other55,815 50,844 
Furniture and fixtures13,906 13,834 
Construction in progress7,632 2,099 
Total property and equipment, gross162,637 149,916 
Less: accumulated depreciation and amortization(122,999)(102,158)
Total property and equipment, net$39,638 $47,758 
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
As of December 31,
20242023
Accrued payroll and related expenses$306,939 $83,094 
Accrued taxes42,243 47,257 
Accrued other liabilities77,864 92,640 
Total accrued liabilities$427,046 $222,991 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information Related To Lease Liabilities and Components of Lease Expense
Supplemental balance sheet information related to lease liabilities at December 31, 2024 and 2023 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,740 $182,863 
Total right-of-use assets$200,740 $182,863 
Lease liabilities:
Operating leasesOperating lease liabilities$43,993 $54,176 
Operating lease liabilities, noncurrent195,226 175,216 
Total lease liabilities$239,219 $229,392 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
20242023
Operating lease expense$57,655 $61,972 
Short-term lease expense3,445 4,949 
Variable lease expense5,585 4,772 
Sublease income(17,205)(18,905)
Total lease expense, net$49,480 $52,788 
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2024 and 2023 (in thousands):
Years Ended December 31,
20242023
Cash paid for operating lease liabilities$65,402 $63,374 
Lease liabilities arising from obtaining right-of-use assets
$58,320 $28,112 
Maturities of Operating Lease Liabilities
Maturities of operating lease liabilities as of December 31, 2024 were as follows (in thousands):
As of December 31, 2024
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2025$61,509 $14,783 $46,726 
202654,035 13,786 40,249 
202741,709 14,423 27,286 
202825,449 12,470 12,979 
202918,796 10,254 8,542 
Thereafter106,554 20,507 86,047 
Total undiscounted liabilities308,052 86,223 221,829 
Less: Imputed interest(68,833)— (68,833)
Total operating lease liabilities$239,219 $86,223 $152,996 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity Note [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 December 31, 2024As of December 31, 2023
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,242,389 20,000,000 2,096,982 
Class B Common Stock2,700,000 95,401 2,700,000 102,141 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,338,795 22,701,005 2,200,128 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and SAR activity for the year ended December 31, 2024 (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, 2023278,470 $8.62 7.6$2,381,172 — $— 0.0$— 
Granted— — 51,620 50.73 
Exercised(99,297)7.51 (41,023)50.00 
Canceled and forfeited(1,064)5.78 (4,160)50.19 
Balance as of December 31, 2024178,109 $9.26 6.9$11,821,740 6,437 $55.75 6.7$127,976 
Vested and exercisable as of December 31, 202480,155 $6.66 6.0$5,528,204 — $— 0.0$— 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions
For the Market-Vesting SARs granted during the year ended December 31, 2024, the assumptions used in the Monte Carlo simulation model included the following:
Year Ended
December 31, 2024
Expected volatility rate
55.2% - 58.9%
Risk-free interest rate
4.1% - 4.7%
The Company determined the grant-date fair value of Time-Vesting SARs 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:
Year Ended
December 31, 2024
Expected volatility rate
54.9% - 59.2%
Expected term (in years)
3.7 - 9.2
Risk-free interest rate
3.4% - 3.9%
Expected dividend yield—%
Summary of RSU and P-RSU Activity
The following table summarizes the RSU and P-RSU activity for the year ended December 31, 2024 (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, 202382,262 $10.71 1,976 $15.39 
Granted19,098 30.90 4,336 24.02 
Vested(31,989)13.65 (3,654)20.52 
Canceled and forfeited(4,135)15.31 (512)11.29 
Adjustment for performance results achieved(1)
— $— (1,569)$18.90 
Unvested and outstanding as of December 31, 202465,236 $14.89 577 $41.93 
—————
(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):
Years Ended December 31,
202420232022
Cost of revenue$69,065 $35,995 $44,061 
Sales and marketing239,121 160,645 196,301 
Research and development165,065 98,064 93,871 
General and administrative218,387 181,199 230,565 
Total stock-based compensation expense$691,638 $475,903 $564,798 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Summary of Loss Before Provision for (benefit from) Income Taxes
Income (loss) before provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202420232022
United States$426,944 $174,637 $(402,834)
Foreign62,229 62,454 41,807 
Income (loss) before provision for income taxes$489,173 $237,091 $(361,027)
Summary of Provision for (benefit from) Income Taxes
Provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202420232022
Current:
Federal$— $— $— 
State1,556 2,333 765 
Foreign20,265 22,189 9,476 
Total current provision21,821 24,522 10,241 
Deferred:
Federal— — — 
State— — — 
Foreign(566)(4,806)(174)
Total deferred provision(566)(4,806)(174)
Total provision for income taxes$21,255 $19,716 $10,067 
Summary of Reconciliation of Effective Income Tax Rate
A reconciliation of the expected tax provision at the statutory federal income tax rate to the Company’s recorded tax provision consisted of the following (in thousands):
Years Ended December 31,
202420232022
Expected tax (benefit) at U.S. federal statutory rate$102,726 $49,789 $(75,592)
State income taxes - net of federal benefit1,365 2,309 766 
Foreign tax rate differential(15,767)859 832 
Research and development tax credits(103,858)(45,667)(34,546)
Stock-based compensation(513,841)(79,128)1,374 
Non-deductible officers’ compensation
33,404 34,479 40,629 
Change in valuation allowance507,149 35,070 49,833 
Base Erosion Anti-Abuse Tax and related elections— 14,700 25,200 
Taxes withheld at source5,599 4,378 — 
Non-deductible expenses5,545 3,610 — 
Other(1,067)(683)1,571 
Total provision for income taxes$21,255 $19,716 $10,067 
Summary of Significant Deferred Tax Assets and Liabilities Significant deferred tax assets and liabilities consisted of the following (in thousands):
As of December 31,
20242023
Net operating loss carryforwards$1,583,076 $1,317,684 
Capitalized research and experimental expenses504,156 214,848 
Reserves and accruals87,111 99,105 
Tax credit carryforwards394,579 277,060 
Stock-based compensation76,604 139,419 
Lease liabilities60,103 53,902 
Depreciation and amortization15,839 14,413 
Capitalized facilitative expenses38,436 28,906 
Gross deferred tax assets2,759,904 2,145,337 
Acquisition related intangibles(6,827)(8,428)
Right-of-use assets(50,208)(42,721)
Total net deferred tax assets before valuation allowance2,702,869 2,094,188 
Valuation allowance(2,710,393)(2,102,251)
Net deferred tax assets (liabilities)$(7,524)$(8,063)
Summary of Reconciliation of the Gross Unrecognized Tax Benefits
A reconciliation of the gross unrecognized tax benefits consists of the following (in thousands):
Years Ended December 31,
202420232022
Unrecognized tax benefit beginning of year$112,016 $81,904 $65,070 
Increases in current year tax positions39,494 14,346 5,733 
Increases in prior year tax positions2,926 15,766 11,497 
Decreases in prior year tax positions— — (36)
Decreases in prior year tax positions due to settlements(3,253)— (360)
Decreases in prior year tax positions due to lapse of statute of limitations— — — 
Unrecognized tax benefit end of year$151,183 $112,016 $81,904 
v3.25.0.1
Net Earnings (Loss) Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2024
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 net earnings (loss) per share attributable to common stockholders (in thousands, except share and per share amounts):
As of December 31,
202420232022
Numerator
Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share$462,190 $209,825 $(373,705)
Denominator
Weighted-average shares used in computing net earnings (loss) per share:
Basic2,250,163 2,147,446 2,063,793 
Effect of dilutive shares200,655 150,481 — 
Diluted2,450,818 2,297,927 2,063,793 
Net earnings (loss) per share
Net earnings (loss) per share attributable to common stockholders:
Basic$0.21 $0.10 $(0.18)
Diluted$0.19 $0.09 $(0.18)
Summary of Antidilutive Securities The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net earnings (loss) per share attributable to common stockholders for the periods presented due to their anti-dilutive effect (in thousands):
As of December 31,
202420232022
Options and SARs issued and outstanding— 162,000 326,913 
RSUs and P-RSUs outstanding— 13,245 126,426 
Warrants to purchase common stock— — 13,042 
Total— 175,245 466,381 
v3.25.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Financial Information for Each Reportable Segment
Financial information for each reportable segment was as follows (in thousands):
Years Ended December 31,
202420232022
Amount%Amount%Amount%
Contribution:
Government revenue$1,569,605 $1,222,215 $1,071,776 
Expenses attributable to government segment(621,165)(497,245)(451,099)
Government contribution948,440 60 %724,970 59 %620,677 58 %
Commercial revenue1,295,902 1,002,797 834,095 
Expenses attributable to commercial segment(524,394)(482,212)(419,599)
Commercial contribution771,508 60 %520,585 52 %414,496 50 %
Total contribution$1,719,948 60 %$1,245,555 56 %$1,035,173 54 %
Summary of Reconciliation of Segment Financial Information to Loss from Operations
The reconciliation of contribution to income (loss) from operations is as follows (in thousands):
Years Ended December 31,
202420232022
Income (loss) from operations$310,403 $119,966 $(161,201)
Research and development expenses (1)
342,813 306,560 265,808 
General and administrative expenses (1)
375,094 343,126 365,768 
Total stock-based compensation expense691,638 475,903 564,798 
Total contribution$1,719,948 $1,245,555 $1,035,173 
—————
(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):
Years Ended December 31,
202420232022
Amount%Amount%Amount%
Revenue:
United States$1,900,247 66 %$1,378,247 62 %$1,161,416 61 %
United Kingdom304,575 11 %235,257 11 %220,942 12 %
Rest of world (1)
660,685 23 %611,508 27 %523,513 27 %
Total revenue$2,865,507 100 %$2,225,012 100 %$1,905,871 100 %
—————
(1) No other country represented 10% or more of total revenue for the years ended December 31, 2024, 2023, or 2022.
Summary of Property and Equipment, Net by Geography
Property and equipment, net is attributed to the Company’s office locations as follows (in thousands, except percentages):
As of December 31,
20242023
Amount%Amount%
Property and equipment, net:
United States$22,968 58 %$28,825 60 %
Japan9,183 23 %11,440 24 %
United Kingdom5,634 14 %5,851 12 %
Rest of world1,853 5 %1,642 4 %
Total property and equipment, net$39,638 100 %$47,758 100 %
v3.25.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
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):
Weighted average useful lifeAs of December 31, 2024As of December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships2.8$10,400 $(4,507)$5,893 $10,400 $(2,427)$7,973 
Reacquired rights4.817,618 (5,453)12,165 17,618 (2,936)14,682 
Backlog0.06,700 (6,700)— 6,700 (3,908)2,792 
Other0.04,225 (4,225)— 4,225 (3,770)455 
Total intangible assets$38,943 $(20,885)$18,058 $38,943 $(13,041)$25,902 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
As of December 31, 2024, 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
2025$4,597 
20264,597 
20274,250 
20282,517 
20292,097 
Thereafter— 
Total$18,058 
v3.25.0.1
Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Accounting Policies [Line Items]      
Number of operating segments | segment 2    
Allowance for credit losses $ 0 $ 10,500  
Accounts receivable, net $ 575,048 364,784  
Useful lives (in years) 3 years    
Advertising expense $ 18,200 $ 21,400 $ 38,600
Leasehold improvements      
Accounting Policies [Line Items]      
Useful lives (in years) 5 years    
Customer I | Accounts Receivable Benchmark | Customer Concentration Risk      
Accounting Policies [Line Items]      
Concentration risk (in percent) 26.00%    
Customer I | Revenue Benchmark | Customer Concentration Risk      
Accounting Policies [Line Items]      
Concentration risk (in percent)   15.00%  
v3.25.0.1
Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 2,098,524 $ 831,047 $ 2,598,540  
Total cash, cash equivalents, and restricted cash 2,119,936 850,107 2,627,335 $ 2,366,914
Prepaid Expenses and Other Current Assets        
Cash and Cash Equivalents [Line Items]        
Restricted cash 7,704 370 16,244  
Other Current Assets        
Cash and Cash Equivalents [Line Items]        
Restricted cash $ 13,708 $ 18,690 $ 12,551  
v3.25.0.1
Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract with customer, liability $ 566.4 $ 486.3
Revenue recognized from contract liability balances 457.6 $ 329.4
Remaining performance obligation $ 1,700.0  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation (as percent) 48.00%  
Expected timing of satisfaction (in months) 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation (as percent) 40.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Expected timing of satisfaction (in months) 13 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Expected timing of satisfaction (in months) 36 months  
v3.25.0.1
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
Dec. 31, 2024
Dec. 31, 2023
Marketable securities:    
U.S. Treasury securities $ 3,110,687 $ 2,834,940
Total 4,959,335 3,435,491
Level 1    
Marketable securities:    
Total 1,843,822 594,836
Level 2    
Marketable securities:    
Total 3,115,513 2,840,655
Level 3    
Marketable securities:    
Total 0 0
U.S. Treasury securities    
Marketable securities:    
U.S. Treasury securities 3,110,687 2,834,940
Cash and Cash Equivalents | Money market funds    
Cash and cash equivalents:    
Cash and cash equivalents 1,823,046 576,565
Cash and Cash Equivalents | Money market funds | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents 1,823,046 576,565
Cash and Cash Equivalents | Money market funds | Level 2    
Cash and cash equivalents:    
Cash and cash equivalents 0 0
Cash and Cash Equivalents | Money market funds | Level 3    
Cash and cash equivalents:    
Cash and cash equivalents 0 0
Cash and Cash Equivalents | Certificates of deposit    
Cash and cash equivalents:    
Cash and cash equivalents   938
Cash and Cash Equivalents | Certificates of deposit | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents   0
Cash and Cash Equivalents | Certificates of deposit | Level 2    
Cash and cash equivalents:    
Cash and cash equivalents   938
Cash and Cash Equivalents | Certificates of deposit | Level 3    
Cash and cash equivalents:    
Cash and cash equivalents   0
Cash and Cash Equivalents | U.S. Treasury securities    
Cash and cash equivalents:    
Cash and cash equivalents   10,079
Marketable securities:    
U.S. Treasury securities   10,079
Cash and Cash Equivalents | U.S. Treasury securities | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents   0
Cash and Cash Equivalents | U.S. Treasury securities | Level 2    
Cash and cash equivalents:    
Cash and cash equivalents   10,079
Cash and Cash Equivalents | U.S. Treasury securities | Level 3    
Cash and cash equivalents:    
Cash and cash equivalents   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 4,826 4,777
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
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 4,826 4,777
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
Marketable Securities | U.S. Treasury securities    
Marketable securities:    
U.S. Treasury securities 3,110,687 2,824,861
Marketable Securities | U.S. Treasury securities | Level 1    
Marketable securities:    
U.S. Treasury securities 0 0
Marketable Securities | U.S. Treasury securities | Level 2    
Marketable securities:    
U.S. Treasury securities 3,110,687 2,824,861
Marketable Securities | U.S. Treasury securities | Level 3    
Marketable securities:    
U.S. Treasury securities 0 0
Marketable Securities | Publicly-traded equity securities    
Marketable securities:    
Publicly-traded equity securities 20,776 18,271
Marketable Securities | Publicly-traded equity securities | Level 1    
Marketable securities:    
Publicly-traded equity securities 20,776 18,271
Marketable Securities | Publicly-traded equity securities | Level 2    
Marketable securities:    
Publicly-traded equity securities 0 0
Marketable Securities | Publicly-traded equity securities | Level 3    
Marketable securities:    
Publicly-traded equity securities $ 0 $ 0
v3.25.0.1
Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 3,110,278 $ 2,831,505
Unrealized Gains 1,022 4,520
Unrealized Losses (613) (1,085)
Fair Value 3,110,687 2,834,940
U.S. Treasury securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 3,110,278 2,831,505
Unrealized Gains 1,022 4,520
Unrealized Losses (613) (1,085)
Fair Value 3,110,687 2,834,940
U.S. Treasury securities | Cash and Cash Equivalents    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost   10,078
Unrealized Gains   1
Unrealized Losses   0
Fair Value   10,079
U.S. Treasury securities | Marketable Securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost   2,821,427
Unrealized Gains   4,519
Unrealized Losses   (1,085)
Fair Value $ 3,110,687 $ 2,824,861
v3.25.0.1
Investments and Fair Value Measurements - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
security
Dec. 31, 2022
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Proceeds from sale of available-for-sale securities $ 0 $ 694,600,000 $ 0
Credit or non-credit losses related to debt securities 0 0  
Available-for-sale debt securities in unrealized loss position $ 716,300,000 $ 236,000,000  
Number of securities in an unrealized loss position for greater than 12 months | security 0 0  
Privately-held equity securities without readily determinable fair value, amount $ 64,900,000 $ 32,600,000  
Equity securities received as noncash consideration 58,700,000 41,700,000 6,800,000
Revenues 2,865,507,000 2,225,012,000 1,905,871,000
Publicly-Traded Equity Securities Held      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Unrealized gain (loss) from equity securities   (4,500,000) (197,300,000)
Investment Agreement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Aggregate purchase price 0 0  
Commercial Contract | Investment Agreement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Revenues $ 52,300,000 $ 87,300,000 $ 118,400,000
v3.25.0.1
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Balance Sheet Related Disclosures [Line Items]    
Total property and equipment, gross $ 162,637 $ 149,916
Less: accumulated depreciation and amortization (122,999) (102,158)
Total property and equipment, net 39,638 47,758
Leasehold improvements    
Balance Sheet Related Disclosures [Line Items]    
Total property and equipment, gross 85,284 83,139
Computer equipment, software, and other    
Balance Sheet Related Disclosures [Line Items]    
Total property and equipment, gross 55,815 50,844
Furniture and fixtures    
Balance Sheet Related Disclosures [Line Items]    
Total property and equipment, gross 13,906 13,834
Construction in progress    
Balance Sheet Related Disclosures [Line Items]    
Total property and equipment, gross $ 7,632 $ 2,099
v3.25.0.1
Balance Sheet Components - Additional information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]      
Depreciation and amortization expense excluding the impact of foreign exchange fluctuations $ 23.7 $ 23.7 $ 19.5
v3.25.0.1
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]    
Accrued payroll and related expenses $ 306,939 $ 83,094
Accrued taxes 42,243 47,257
Accrued other liabilities 77,864 92,640
Total accrued liabilities $ 427,046 $ 222,991
v3.25.0.1
Debt - Additional Information (Detail) - 2014 Revolving Credit Facility - Line of Credit
 12 Months Ended
Dec. 31, 2024
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
v3.25.0.1
Leases - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2024
USD ($)
option
Dec. 31, 2023
Leases [Abstract]    
Number of options to extend leases | option 1  
Weighted average remaining lease term (in years) 7 years 6 years
Weighted average discount rate (in percent) 7.00% 6.00%
Leases not yet commenced | $ $ 0  
v3.25.0.1
Leases - Summary Balance Sheet Information Relating to Leases (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Lease-Related Assets and Liabilities    
Operating lease right-of-use assets $ 200,740 $ 182,863
Total right-of-use assets 200,740 182,863
Lease liabilities:    
Operating lease liabilities 43,993 54,176
Operating lease liabilities, noncurrent 195,226 175,216
Total lease liabilities $ 239,219 $ 229,392
v3.25.0.1
Leases - Summary of Operating Lease Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]    
Operating lease expense $ 57,655 $ 61,972
Short-term lease expense 3,445 4,949
Variable lease expense 5,585 4,772
Sublease income (17,205) (18,905)
Total lease expense, net $ 49,480 $ 52,788
v3.25.0.1
Leases - Maturities of Operating Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating Lease Commitments    
2025 $ 61,509  
2026 54,035  
2027 41,709  
2028 25,449  
2029 18,796  
Thereafter 106,554  
Total undiscounted liabilities 308,052  
Less: Imputed interest (68,833)  
Total operating lease liabilities 239,219 $ 229,392
Less: Sublease Income    
2025 14,783  
2026 13,786  
2027 14,423  
2028 12,470  
2029 10,254  
Thereafter 20,507  
Total undiscounted liabilities 86,223  
Less: Imputed interest 0  
Total operating lease liabilities 86,223  
Net Lease Commitments    
2025 46,726  
2026 40,249  
2027 27,286  
2028 12,979  
2029 8,542  
Thereafter 86,047  
Total undiscounted liabilities 221,829  
Less: Imputed interest (68,833)  
Total operating lease liabilities $ 152,996  
v3.25.0.1
Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Cash paid for operating lease liabilities $ 65,402 $ 63,374
Lease liabilities arising from obtaining right-of-use assets $ 58,320 $ 28,112
v3.25.0.1
Commitments and Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2024
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Minimum annual commitment $ 1,950.0  
Purchase Commitment Two    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Period for purchase price commitment (in years) 10 years  
Purchase Commitment, Contract Year Oct 1 2024 - Sep 30 2025    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Purchase commitment for current contract year   $ 160.2
Purchase commitment for current contract year, portion satisfied, current fiscal year   $ 55.7
v3.25.0.1
Stockholders' Equity - Additional Information (Detail)
shares in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
vote
shares
Aug. 31, 2023
USD ($)
Class of Stock [Line Items]    
Minimum ownership threshold (in shares) | shares 100.0  
Dividends declared $ 0  
Stock repurchase program, authorized amount   $ 1,000,000,000
Class A Common Stock    
Class of Stock [Line Items]    
Voting rights | vote 1  
Retired during period (in shares) | shares 2.1  
Retired during period $ 64,200,000  
Repurchase program, remaining available amount $ 935,800,000  
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%  
v3.25.0.1
Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]    
Authorized 22,701,005,000 22,701,005,000
Issued 2,338,795,000 2,200,128,000
Outstanding 2,338,795,000 2,200,128,000
Class A Common Stock    
Class of Stock [Line Items]    
Authorized 20,000,000,000 20,000,000,000
Issued 2,242,389,000 2,096,982,000
Outstanding 2,242,389,000 2,096,982,000
Class B Common Stock    
Class of Stock [Line Items]    
Authorized 2,700,000,000 2,700,000,000
Issued 95,401,000 102,141,000
Outstanding 95,401,000 102,141,000
Class F Common Stock    
Class of Stock [Line Items]    
Authorized 1,005,000 1,005,000
Issued 1,005,000 1,005,000
Outstanding 1,005,000 1,005,000
v3.25.0.1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Awards    
Beginning balance (in shares) 278,470  
Options exercised (in shares) (99,297)  
Options canceled and forfeited (in shares) (1,064)  
Ending balance (in shares) 178,109 278,470
Options vested and exercisable, end of period (in shares) 80,155  
Weighted-Average Exercise Price Per Share    
Beginning balance (in dollars per share) $ 8.62  
Options exercised (in dollars per share) 7.51  
Options canceled and forfeited (in dollars per share) 5.78  
Ending balance (in dollars per share) 9.26 $ 8.62
Options vested and exercisable, end of period (in dollars per share) $ 6.66  
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value    
Options outstanding, Weighted-average remaining contractual life (in years) 6 years 10 months 24 days 7 years 7 months 6 days
Options vested and exercisable (in years) 6 years  
Options outstanding, aggregate intrinsic value $ 11,821,740 $ 2,381,172
Options vested and exercisable, end of period $ 5,528,204  
v3.25.0.1
Stock-Based Compensation - Summary of SARs Activity (Details) - Stock Appreciation Rights (SARs) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Number of Awards    
Beginning Balance (in shares) 0  
Granted (in shares) 51,620,000  
Exercised (in shares) (41,023,000)  
Canceled and forfeited (in shares) (4,160,000)  
Ending Balance (in shares) 6,437,000 0
Vested and Exercisable (in shares) 0  
Weighted Average Exercise Price Per Share [Abstract]    
Beginning Balance (in dollars per share) $ 0  
Granted (in dollars per share) 50.73  
Exercises (in dollars per share) (50.00)  
Canceled and forfeited (in dollars per share) (50.19)  
Ending Balance (in dollars per share) 55.75 $ 0
Vested and Exercisable (in dollars per share) $ 0  
Shares Outstanding, Weighted Average Remaining Contractual Life (in years) 6 years 8 months 12 days 0 years
Vested and Exercisable Weighted Average Remaining Contractual Term (in years) 0 years  
Aggregate Intrinsic Value Beginning Balance $ 0  
Aggregate Intrinsic Value Ending Balance 127,976 $ 0
Vested and Exercisable Aggregate Intrinsic Value $ 0  
v3.25.0.1
Stock-Based Compensation - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 30, 2020
Aug. 30, 2020
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted (in shares)     0 0 0  
Options vested and exercisable (in years)     6 years      
Aggregate intrinsic value of options exercised     $ 3,800,000,000 $ 476,800,000 $ 112,300,000  
Vested in period         0  
Tax benefits related to stock-based compensation expense     $ 0 0 0  
Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance target (in percent)     0.00%      
Options issued and outstanding            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grant date fair value of stock options vested during period     $ 107,700,000 131,000,000.0 170,800,000  
Unrecognized share based compensation expense     $ 500,400,000      
Unrecognized share based compensation expense, period for recognition (in years)     6 years 1 month 6 days      
Stock Appreciation Rights (SARs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Aggregate intrinsic value     $ 707,900,000      
Granted (in dollars per share)     $ 4.08      
Vested in period     $ 138,800,000 0    
Unrecognized share based compensation expense     54,800,000      
Stock-based compensation expense accelerated     $ 115,800,000      
Unrecognized share based compensation expense, period for recognition (in years)     7 years      
Market-Vesting SARs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Maximum apperciation per award     $ 20      
Time-Vesting SARs | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Maximum apperciation per award     $ 60      
Non-option equity instrument, exercise price (in dollars per share)     $ 39      
Time-Vesting SARs | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Maximum apperciation per award     $ 180      
Share based payment award vesting period     9 years      
Non-option equity instrument, exercise price (in dollars per share)     $ 70      
Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grants in period (in shares)     19,098,000      
Granted (in dollars per share)     $ 30.90      
Vested in period     $ 436,600,000 526,100,000 453,200,000  
Unrecognized share based compensation expense     $ 711,400,000      
Share based payment award vesting period     4 years      
Unrecognized share based compensation expense, period for recognition (in years)     3 years      
P-RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grants in period (in shares)     4,336,000      
Granted (in dollars per share)     $ 24.02      
Vested in period     $ 75,000,000.0 $ 0 $ 0  
Unrecognized share based compensation expense     $ 0      
Share based payment award vesting period     3 months      
P-RSUs | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance target (in percent)     100.00%      
2020 Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares reserved for future issuance (in shares)   165,900,000       150,000,000
Options granted (in shares)   162,000,000        
Outstanding stock maximum (in percent) 5.00%          
Ownership (in percent)     10.00%      
2020 Equity Incentive Plan | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Fair value of common stock (in percent)     110.00%      
2020 Equity Incentive Plan | Class A Common Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Additional shares authorized (in shares) 250,000,000          
Expiration period (in years)     10 years      
2020 Equity Incentive Plan | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Grants in period (in shares)   3,900,000        
2020 Extended Exercisability            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expiration period (in years)     5 years      
Options vested and exercisable (in years)     4 years      
v3.25.0.1
Stock-Based Compensation - Valuation Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk free interest rate, maximum (in percent) 4.70%
Stock Appreciation Rights (SARs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Grant-date fair value per share (in dollars per share) $ 4.08
Market-Vesting SARs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk free interest rate, minimum (in percent) 4.10%
Market-Vesting SARs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility (in percent) 55.20%
Market-Vesting SARs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility (in percent) 58.90%
Time-Vesting SARs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Risk free interest rate, minimum (in percent) 3.40%
Risk free interest rate, maximum (in percent) 3.90%
Expected dividend yield (in percent) 0.00%
Time-Vesting SARs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility (in percent) 54.90%
Expected term (in years) 3 years 8 months 12 days
Time-Vesting SARs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility (in percent) 59.20%
Expected term (in years) 9 years 2 months 12 days
v3.25.0.1
Stock-Based Compensation - Summary of RSU And PRSU Activity (Detail)
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Restricted Stock Units (RSUs)  
RSUs Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 82,262,000
Granted (in shares) | shares 19,098,000
Vested and converted to shares (in shares) | shares (31,989,000)
Canceled (in shares) | shares (4,135,000)
Adjustment for performance results achieved (in shares) | shares 0
Unvested and outstanding, ending balance (in shares) | shares 65,236,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 10.71
Granted (in dollars per share) | $ / shares 30.90
Vested and converted to shares (in dollars per share) | $ / shares 13.65
Cancelled (in dollars per share) | $ / shares 15.31
Adjustment for performance results achieved (in dollars per share) | $ / shares 0
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 14.89
P-RSUs  
RSUs Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 1,976,000
Granted (in shares) | shares 4,336,000
Vested and converted to shares (in shares) | shares (3,654,000)
Canceled (in shares) | shares (512,000)
Adjustment for performance results achieved (in shares) | shares 1,569,000
Unvested and outstanding, ending balance (in shares) | shares 577,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 15.39
Granted (in dollars per share) | $ / shares 24.02
Vested and converted to shares (in dollars per share) | $ / shares 20.52
Cancelled (in dollars per share) | $ / shares 11.29
Adjustment for performance results achieved (in dollars per share) | $ / shares 18.90
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 41.93
v3.25.0.1
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 691,638 $ 475,903 $ 564,798
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 69,065 35,995 44,061
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 239,121 160,645 196,301
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 165,065 98,064 93,871
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 218,387 $ 181,199 $ 230,565
v3.25.0.1
Income Taxes - Summary of Loss Before Provision for (benefit from) Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Income (Loss) before Income Tax, Domestic and Foreign [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ 489,173 $ 237,091 $ (361,027)
United States      
Schedule of Income (Loss) before Income Tax, Domestic and Foreign [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest 426,944 174,637 (402,834)
Foreign      
Schedule of Income (Loss) before Income Tax, Domestic and Foreign [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest $ 62,229 $ 62,454 $ 41,807
v3.25.0.1
Income Taxes - Summary of Provision for (benefit from) Income Taxes (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
Federal $ 0 $ 0 $ 0
State 1,556 2,333 765
Foreign 20,265 22,189 9,476
Total current provision 21,821 24,522 10,241
Deferred:      
Federal 0 0 0
State 0 0 0
Foreign (566) (4,806) (174)
Total deferred provision (566) (4,806) (174)
Total provision for income taxes $ 21,255 $ 19,716 $ 10,067
v3.25.0.1
Income Taxes - Summary of Reconciliation of Effective Income Tax Rate (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]      
Expected tax (benefit) at U.S. federal statutory rate $ 102,726 $ 49,789 $ (75,592)
State income taxes - net of federal benefit 1,365 2,309 766
Foreign tax rate differential (15,767) 859 832
Research and development tax credits (103,858) (45,667) (34,546)
Stock-based compensation (513,841) (79,128) 1,374
Non-deductible officers’ compensation 33,404 34,479 40,629
Change in valuation allowance 507,149 35,070 49,833
Base Erosion Anti-Abuse Tax and related elections 0 14,700 25,200
Taxes withheld at source 5,599 4,378 0
Non-deductible expenses 5,545 3,610 0
Other (1,067) (683) 1,571
Total provision for income taxes $ 21,255 $ 19,716 $ 10,067
v3.25.0.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Contingency [Line Items]        
Total provision for income taxes $ 21,255 $ 19,716 $ 10,067  
Valuation allowance 2,710,393 2,102,251    
Valuation allowance, increase (decrease) 608,100 50,600    
Capitalized research and experimental expenses 504,156 214,848    
Unrecognized tax benefits 151,183 112,016 $ 81,904 $ 65,070
United States        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 351,500 324,000    
Non-US        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 946,200 464,700    
California Franchise Tax Board        
Income Tax Contingency [Line Items]        
Deferred tax assets, tax credit carryforwards, research 122,600 99,500    
Domestic Tax Jurisdiction        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 5,500,000 5,000,000    
Operating loss carryforwards, not subject to expiration 4,800,000      
Deferred tax assets, tax credit carryforwards, research 426,300 290,100    
State and Local Jurisdiction | California Franchise Tax Board        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards $ 3,200,000 $ 2,500,000    
v3.25.0.1
Income Taxes - Summary of Significant Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Components of Deferred Tax Assets and Liabilities [Abstract]    
Net operating loss carryforwards $ 1,583,076 $ 1,317,684
Capitalized research and experimental expenses 504,156 214,848
Reserves and accruals 87,111 99,105
Tax credit carryforwards 394,579 277,060
Stock-based compensation 76,604 139,419
Lease liabilities 60,103 53,902
Depreciation and amortization 15,839 14,413
Capitalized facilitative expenses 38,436 28,906
Gross deferred tax assets 2,759,904 2,145,337
Acquisition related intangibles (6,827) (8,428)
Right-of-use assets (50,208) (42,721)
Total net deferred tax assets before valuation allowance 2,702,869 2,094,188
Valuation allowance (2,710,393) (2,102,251)
Net deferred tax assets (liabilities) $ (7,524) $ (8,063)
v3.25.0.1
Income Taxes - Summary of Reconciliation of the Gross Unrecognized Tax Benefits (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefit beginning of year $ 112,016 $ 81,904 $ 65,070
Increases in current year tax positions 39,494 14,346 5,733
Increases in prior year tax positions 2,926 15,766 11,497
Decreases in prior year tax positions 0 0 (36)
Decreases in prior year tax positions due to settlements (3,253) 0 (360)
Decreases in prior year tax positions due to lapse of statute of limitations 0 0 0
Unrecognized tax benefit end of year $ 151,183 $ 112,016 $ 81,904
v3.25.0.1
Net Earnings (Loss) 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
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]      
Net income (loss) attributable to common stockholders for diluted net earnings (loss) per share $ 462,190 $ 209,825 $ (373,705)
Denominator      
Basic 2,250,163 2,147,446 2,063,793
Effect of dilutive shares 200,655 150,481 0
Diluted 2,450,818 2,297,927 2,063,793
Net earnings (loss) per share      
Basic $ 0.21 $ 0.10 $ (0.18)
Diluted $ 0.19 $ 0.09 $ (0.18)
v3.25.0.1
Net Earnings (Loss) Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 175,245 466,381
Options and SARs issued and outstanding      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 162,000 326,913
RSUs and P-RSUs outstanding      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 13,245 126,426
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 (in shares) 6,400    
Warrants to purchase common stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 0 0 13,042
v3.25.0.1
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Revenues $ 2,865,507 $ 2,225,012 $ 1,905,871
Operating Segments      
Segment Reporting Information [Line Items]      
Total contribution $ 1,719,948 $ 1,245,555 $ 1,035,173
Contribution margin (in percent) 60.00% 56.00% 54.00%
Operating Segments | Government Operating Segment [Member]      
Segment Reporting Information [Line Items]      
Revenues $ 1,569,605 $ 1,222,215 $ 1,071,776
Segment Reporting, Other Segment Item, Amount (621,165) (497,245) (451,099)
Total contribution $ 948,440 $ 724,970 $ 620,677
Contribution margin (in percent) 60.00% 59.00% 58.00%
Operating Segments | Commercial [Member]      
Segment Reporting Information [Line Items]      
Revenues $ 1,295,902 $ 1,002,797 $ 834,095
Segment Reporting, Other Segment Item, Amount (524,394) (482,212) (419,599)
Total contribution $ 771,508 $ 520,585 $ 414,496
Contribution margin (in percent) 60.00% 52.00% 50.00%
v3.25.0.1
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Income (loss) from operations $ 310,403 $ 119,966 $ (161,201)
Total stock-based compensation expense 691,638 475,903 564,798
Reconciling items      
Segment Reporting Information [Line Items]      
Income (loss) from operations 310,403 119,966 (161,201)
Research and development expenses 342,813 306,560 265,808
General and administrative expenses 375,094 343,126 365,768
Total stock-based compensation expense 691,638 475,903 564,798
Operating Segments      
Segment Reporting Information [Line Items]      
Total contribution $ 1,719,948 $ 1,245,555 $ 1,035,173
v3.25.0.1
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Revenues $ 2,865,507 $ 2,225,012 $ 1,905,871
Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenues $ 2,865,507 $ 2,225,012 $ 1,905,871
Geographic Concentration Risk | Revenue Benchmark      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 100.00% 100.00% 100.00%
Geographic Concentration Risk | Revenue Benchmark | Minimum      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 10.00% 10.00% 10.00%
United States | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenues $ 1,900,247 $ 1,378,247 $ 1,161,416
United States | Geographic Concentration Risk | Revenue Benchmark      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 66.00% 62.00% 61.00%
United Kingdom | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenues $ 304,575 $ 235,257 $ 220,942
United Kingdom | Geographic Concentration Risk | Revenue Benchmark      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 11.00% 11.00% 12.00%
Rest of world | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenues $ 660,685 $ 611,508 $ 523,513
Rest of world | Geographic Concentration Risk | Revenue Benchmark      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 23.00% 27.00% 27.00%
v3.25.0.1
Segment and Geographic Information - Summary of Property and Equipment, Net by Geography (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 39,638 $ 47,758
Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 39,638 $ 47,758
Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 100.00% 100.00%
United States | Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 22,968 $ 28,825
United States | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 58.00% 60.00%
Japan | Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 9,183 $ 11,440
Japan | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 23.00% 24.00%
United Kingdom | Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 5,634 $ 5,851
United Kingdom | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 14.00% 12.00%
Rest of world | Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 1,853 $ 1,642
Rest of world | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 5.00% 4.00%
v3.25.0.1
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 38,943 $ 38,943
Accumulated Amortization (20,885) (13,041)
Total $ 18,058 25,902
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life 2 years 9 months 18 days  
Gross Carrying Amount $ 10,400 10,400
Accumulated Amortization (4,507) (2,427)
Total $ 5,893 7,973
Reacquired rights    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life 4 years 9 months 18 days  
Gross Carrying Amount $ 17,618 17,618
Accumulated Amortization (5,453) (2,936)
Total $ 12,165 14,682
Backlog    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life 0 years  
Gross Carrying Amount $ 6,700 6,700
Accumulated Amortization (6,700) (3,908)
Total $ 0 2,792
Other    
Finite-Lived Intangible Assets [Line Items]    
Weighted average useful life 0 years  
Gross Carrying Amount $ 4,225 4,225
Accumulated Amortization (4,225) (3,770)
Total $ 0 $ 455
v3.25.0.1
Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense of intangible assets $ 7.8 $ 9.6
v3.25.0.1
Intangible Assets - Expected Amortization Expense (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
2025 $ 4,597  
2026 4,597  
2027 4,250  
2028 2,517  
2029 2,097  
Thereafter 0  
Total $ 18,058 $ 25,902
v3.25.0.1
Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Related Party Transaction [Line Items]      
Total operating expenses $ 1,989,114 $ 1,673,941 $ 1,658,523
Chief Executive Officer      
Related Party Transaction [Line Items]      
Total operating expenses $ 7,700