PALANTIR TECHNOLOGIES INC., 10-K filed on 2/17/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 10, 2026
Jun. 30, 2025
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Entity File Number 001-39540    
Entity Registrant Name Palantir Technologies Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 68-0551851    
Entity Address, Address Line One 19505 Biscayne Blvd., Suite 2350    
Entity Address, City or Town Aventura    
Entity Address, State or Province FL    
Entity Address, Postal Zip Code 33180    
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     $ 299.3
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 2026 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, 2025.
    
Entity Central Index Key 0001321655    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
Former Address      
Document Information [Line Items]      
Entity Address, Address Line One 518 17th Street, Suite 1015    
Entity Address, City or Town Denver    
Entity Address, State or Province CO    
Entity Address, Postal Zip Code 80202    
Class A Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   2,291,470,751  
Class B Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   99,199,960  
Class F Common Stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,005,000  
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,423,796 $ 2,098,524
Marketable securities 5,753,247 3,131,463
Accounts receivable, net 1,042,065 575,048
Prepaid expenses and other current assets 139,066 129,254
Total current assets 8,358,174 5,934,289
Property and equipment, net 51,960 39,638
Operating lease right-of-use assets 200,105 200,740
Other assets 290,153 166,217
Total assets 8,900,392 6,340,884
Current liabilities:    
Accounts payable 8,064 103
Accrued liabilities 355,624 427,046
Deferred revenue 408,963 259,624
Customer deposits 357,066 265,252
Operating lease liabilities 45,864 43,993
Total current liabilities 1,175,581 996,018
Deferred revenue, noncurrent 46,216 39,885
Customer deposits, noncurrent 18 1,663
Operating lease liabilities, noncurrent 183,474 195,226
Other noncurrent liabilities 7,092 13,685
Total liabilities 1,412,381 1,246,477
Commitments and Contingencies (Note 8)
Palantir's stockholders’ equity:    
Common Stock, $0.001 par value 2,391 2,339
Additional paid-in capital 10,933,325 10,193,970
Accumulated other comprehensive income (loss), net 13,942 (5,611)
Accumulated deficit (3,562,390) (5,187,423)
Total Palantir's stockholders’ equity 7,387,268 5,003,275
Noncontrolling interests 100,743 91,132
Total equity 7,488,011 5,094,407
Total liabilities and equity $ 8,900,392 $ 6,340,884
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Common stock, shares authorized (in shares) 22,701,005,000 22,701,005,000
Common stock, shares issued (in shares) 2,391,192,000 2,338,795,000
Common stock, shares outstanding (in shares) 2,391,192,000 2,338,795,000
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) 2,290,987,000 2,242,389,000
Common stock, shares outstanding (in shares) 2,290,987,000 2,242,389,000
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) 99,200,000 95,401,000
Common stock, shares outstanding (in shares) 99,200,000 95,401,000
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
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 4,475,446 $ 2,865,507 $ 2,225,012
Cost of revenue 789,177 565,990 431,105
Gross profit 3,686,269 2,299,517 1,793,907
Operating expenses:      
Sales and marketing 1,056,859 887,755 744,992
Research and development 557,677 507,878 404,624
General and administrative 657,718 593,481 524,325
Total operating expenses 2,272,254 1,989,114 1,673,941
Income from operations 1,414,015 310,403 119,966
Interest income (229,181) (196,792) (132,572)
Other income (expense), net 14,172 (18,022) (15,447)
Income before provision for income taxes 1,657,368 489,173 237,091
Provision for income taxes 22,724 21,255 19,716
Net income 1,634,644 467,918 217,375
Less: Net income attributable to noncontrolling interests 9,611 5,728 7,550
Net income attributable to common stockholders $ 1,625,033 $ 462,190 $ 209,825
Earnings per share attributable to common stockholders, basic $ 0.69 $ 0.21 $ 0.10
Earnings per share attributable to common stockholders, diluted $ 0.63 $ 0.19 $ 0.09
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, basic 2,369,612 2,250,163 2,147,446
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, diluted 2,565,197 2,450,818 2,297,927
v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 1,634,644 $ 467,918 $ 217,375
Other comprehensive income (loss), net of tax      
Foreign currency translation adjustments 10,938 (3,386) 2,699
Net unrealized gain (loss) on available-for-sale securities 8,615 (3,026) 3,435
Comprehensive income 1,654,197 461,506 223,509
Less: Comprehensive income attributable to noncontrolling interests 9,611 5,728 7,550
Comprehensive income attributable to common stockholders $ 1,644,586 $ 455,778 $ 215,959
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Parent
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss), Net
Accumulated Deficit
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022     2,099,075,000        
Beginning balance at Dec. 31, 2022 $ 2,642,437 $ 2,565,326 $ 2,099 $ 8,427,998 $ (5,333) $ (5,859,438) $ 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 218,238 218,238 $ 46 218,192      
Issuance of common stock upon release of RSUs and performance-based RSUs (“P-RSUs”) (in shares)     54,974,000        
Issuance of common stock upon release of RSUs and performance-based RSUs (“P-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 217,375 209,825       209,825 7,550
Ending balance (in shares) at Dec. 31, 2023     2,200,128,000        
Ending balance at Dec. 31, 2023 3,560,965 3,475,561 $ 2,200 9,122,173 801 (5,649,613) 85,404
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock from the exercise of stock options (in shares)     99,297,000        
Issuance of common stock from the exercise of stock options 745,396 745,396 $ 100 745,296      
Issuance of common stock from the exercise of stock appreciation rights (“SARs”), net of shares withheld for employee taxes (in shares)     5,943,000        
Issuance of common stock from the exercise of stock appreciation rights (“SARs”), net of shares withheld for employee taxes   (302,487) $ 6 (302,493)      
Issuance of common stock upon release of RSUs and performance-based RSUs (“P-RSUs”) (in shares)     35,550,000        
Issuance of common stock upon release of RSUs and performance-based RSUs (“P-RSUs”)     $ 35 (35)      
Repurchases of common stock 64,196 64,196 $ 2 64,194      
Repurchases of common stock (in shares)     2,123,000        
Repurchases of common stock (in shares)     (2,123,000)        
Repurchases of common stock (64,196) (64,196) $ (2) (64,194)      
Stock-based compensation 693,223 693,223   693,223      
Other comprehensive income (loss) (6,412) (6,412)     (6,412)    
Net income $ 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 5,003,275 $ 2,339 10,193,970 (5,611) (5,187,423) 91,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock from the exercise of stock options (in shares) 25,739,000   25,739,000        
Issuance of common stock from the exercise of stock options $ 129,107 129,107 $ 25 129,082      
Issuance of common stock upon release of RSUs and performance-based RSUs (“P-RSUs”) (in shares)     27,259,000        
Issuance of common stock upon release of RSUs and performance-based RSUs (“P-RSUs”)     $ 27 (27)      
Repurchases of common stock 74,985 74,985   74,985      
Repurchases of common stock (in shares)     601,000        
Repurchases of common stock (in shares)     (601,000)        
Repurchases of common stock (74,985) (74,985)   (74,985)      
Stock-based compensation 685,285 685,285   685,285      
Other comprehensive income (loss) 19,553 19,553     19,553    
Net income $ 1,634,644 1,625,033       1,625,033 9,611
Ending balance (in shares) at Dec. 31, 2025 2,391,192,000   2,391,192,000        
Ending balance at Dec. 31, 2025 $ 7,488,011 $ 7,387,268 $ 2,391 $ 10,933,325 $ 13,942 $ (3,562,390) $ 100,743
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net income $ 1,634,644 $ 467,918 $ 217,375
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 26,145 31,587 33,354
Stock-based compensation 684,033 691,638 475,903
Unrealized and realized (gain) loss from marketable securities, net 21,228 19,306 13,160
Noncash consideration (37,244) (52,521) (46,609)
Other operating activities 15,630 66,034 12,764
Changes in operating assets and liabilities:      
Accounts receivable, net (450,429) (211,157) (106,159)
Prepaid expenses and other assets 51,979 11,883 (2,955)
Accounts payable and accrued liabilities 4,659 96,793 21,063
Contract liabilities 238,688 76,796 143,859
Other liabilities (54,860) (44,412) (49,572)
Net cash provided by operating activities 2,134,473 1,153,865 712,183
Investing activities      
Purchases of property and equipment (33,882) (12,634) (15,114)
Purchases of marketable securities (7,702,060) (5,395,913) (5,636,406)
Proceeds from sales and redemption of marketable securities 5,026,315 5,073,507 2,889,268
Purchases of privately-held securities (72,924) (5,615) 0
Other investing activities (1,000) 0 51,072
Net cash used in investing activities (2,783,551) (340,655) (2,711,180)
Financing activities      
Proceeds from the exercise of common stock options 129,107 745,396 218,238
Repurchases of common stock 74,985 64,196 0
Taxes paid related to net share settlement of equity awards (81,117) (218,280) 0
Other financing activities 85 444 601
Net cash provided by (used in) financing activities (26,910) 463,364 218,839
Effect of foreign exchange on cash, cash equivalents, and restricted cash 7,477 (6,745) 2,930
Net cash provided by (used in) financing activities (668,511) 1,269,829 (1,777,228)
Cash, cash equivalents, and restricted cash - beginning of period 2,119,936 850,107 2,627,335
Cash, cash equivalents, and restricted cash - end of period 1,451,425 2,119,936 850,107
Noncash investing and financing activities      
Accrued taxes related to net share settlement of equity awards $ 0 $ 84,207 $ 0
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
 Organization Organization
Palantir Technologies Inc. (including its subsidiaries, “Palantir” or the “Company”) was incorporated in Delaware on May 6, 2003. The Company builds and deploys software platforms that serve as the central operating systems for its customers.
v3.25.4
Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
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 from operations, net income, 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,
202520242023
Cash and cash equivalents$1,423,796 $2,098,524 $831,047 
Restricted cash included in prepaid expenses and other current assets2,518 7,704 370 
Restricted cash included in other assets25,111 13,708 18,690 
Total cash, cash equivalents, and restricted cash$1,451,425 $2,119,936 $850,107 
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 as of December 31, 2025 and 2024.
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, 2025 and 2024 were $1.0 billion and $0.6 billion, respectively. Customer I represented 25% and 26% of total accounts receivable as of December 31, 2025 and 2024, respectively, and no other customer represented more than 10% of total accounts receivable as of December 31, 2025 or 2024. 
For the years ended December 31, 2025, 2024, and 2023, 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.
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, 2025, 2024, and 2023 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. 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, 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, and customer growth activities, as well as third-party cloud hosting services for pilots, and marketing and sales event-related costs. 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 $16.0 million, $18.2 million, and $21.4 million for the years ended December 31, 2025, 2024, and 2023, 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. Research and development costs are expensed as incurred.
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.
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 P-RSUs 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 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.
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.
Earnings Per Share Attributable to Common Stockholders
The Company computes earnings per share attributable to its common stockholders using the two-class method required for participating securities, which determines earnings 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 earnings 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 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, and other comprehensive income are reported in the consolidated financial statements at the consolidated amounts, which include the amounts attributable to both the 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.
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 December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes – Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company adopted this standard update effective December 31, 2025 using a prospective approach and included the required disclosures in Note 11. Taxes. This standard update did not affect the Company’s operating results.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software, which simplifies the capitalization guidance related to internal-use software by removing all references to software development project stages so the guidance is neutral to different software development methods. This ASU is effective for fiscal years beginning after December 15, 2027, including interim periods within those annual reporting periods, with early adoption permitted and can be applied using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers, which refines the scope of the guidance on derivatives in ASC 815 and clarifies the guidance on share-based payments from a customer in ASC 606. This ASU is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual reporting periods, with early adoption permitted. The guidance can be applied prospectively to new contracts entered into on or after the date of adoption or on a modified retrospective basis for contracts existing as of the beginning of the annual reporting period of adoption. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
v3.25.4
Contract Liabilities and Remaining Performance Obligations
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Contract Liabilities and Remaining Performance Obligations Contract Liabilities and Remaining Performance Obligations
Contract Liabilities
The Company’s contract liabilities consist of deferred revenue and customer deposits. As of December 31, 2025 and 2024, the Company’s contract liabilities were $812.3 million and $566.4 million, respectively. Revenue of $526.6 million and $457.6 million was recognized during the years ended December 31, 2025 and 2024, respectively, that was included in contract liabilities as of December 31, 2024 and 2023, respectively.
Remaining Performance Obligations
The Company’s arrangements with its customers often have terms that span over multiple years. However, the Company allows many of its customers to terminate contracts for convenience prior to the end of the stated term with less than twelve months’ notice. Revenue allocated to remaining performance obligations represents noncancelable contracted revenue that has not yet been recognized, which includes deferred revenue and, in certain instances, amounts that will be invoiced. The Company has elected the practical expedient allowing the Company to not disclose remaining performance obligations for contracts with original terms of twelve months or less. Cancelable contracted revenue, which includes customer deposits, is not considered a remaining performance obligation.
The Company’s remaining performance obligations were $4.1 billion as of December 31, 2025, of which the Company expects to recognize approximately 38% as revenue over the next 12 months, 36% 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.
v3.25.4
Investments and Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands):
As of December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$945,330 $945,330 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,846 — 4,846 — 
Marketable securities:
U.S. Treasury securities5,729,892 — 5,729,892 — 
Publicly-traded equity securities23,355 23,355 — — 
Total$6,703,423 $968,685 $5,734,738 $— 
As of December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$1,823,046 $1,823,046 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,826 — 4,826 — 
Marketable securities:
U.S. Treasury securities3,110,687 — 3,110,687 — 
Publicly-traded equity securities20,776 20,776 — — 
Total$4,959,335 $1,843,822 $3,115,513 $— 
Debt Securities
As of December 31, 2025 and 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, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$5,720,869 $9,158 $(135)$5,729,892 
Total debt securities$5,720,869 $9,158 $(135)$5,729,892 
As of December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$3,110,278 $1,022 $(613)$3,110,687 
Total debt securities$3,110,278 $1,022 $(613)$3,110,687 
The Company sold $279.7 million and $694.6 million of available-for-sale debt securities during the fiscal years ended December 31, 2025 and 2023. The realized gains and losses from those sales were immaterial. The Company did not sell any
available-for-sale debt securities during the fiscal year ended December 31, 2024. As of December 31, 2025 and 2024, available-for-sale debt securities of $724.9 million and $716.3 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, 2025 or 2024 were in a continuous unrealized loss position for greater than 12 months and it is more likely than not that the Company will hold the securities until maturity or a recovery of the cost basis. We did not recognize any credit losses related to our available-for sale debt securities during the years end December 31, 2025 and 2024. All of the Company’s U.S. Treasury securities had contractual maturities due within one year as of December 31, 2025 and 2024.
Equity Securities
The Company holds equity securities in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the consolidated statements of operations. For the years ended December 31, 2025, 2024, and 2023, net unrealized gains and losses from publicly-traded equity securities held at the end of each period were immaterial.
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, 2025 and December 31, 2024, the total amount of privately-held equity securities included in other assets on the consolidated balance sheets was $170.0 million and $64.9 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. There were upward adjustments on privately-held equity securities based on observable transactions of $30.7 million during the year ended December 31, 2025, and no upward adjustments on privately-held equity securities during the year ended December 31, 2024. There were no material downward adjustments or impairments for the privately-held equity securities held as of December 31, 2025 or 2024. Cumulative upward adjustments were $30.7 million and cumulative downward adjustments and impairments were not material on privately-held equity securities held by the Company as of December 31, 2025.
Additionally, we have accepted, and may continue to accept, securities as noncash consideration. Total equity securities received as noncash consideration was $38.9 million, $58.7 million, and $41.7 million during the years ended December 31, 2025, 2024, and 2023, 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, 2025 or 2024.
In connection with signing the Investment Agreements, each Investee or an associated entity and the Company entered into a commercial contract for access to the Company’s products and services (collectively, the “Strategic Commercial Contracts”). The Company assessed the concurrent agreements under the noncash consideration and consideration payable to a customer guidance within 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, 2025, 2024, and 2023, revenue recognized from Strategic Commercial Contracts was $15.3 million, $52.3 million, and $87.3 million, respectively.
v3.25.4
Balance Sheet Components
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
 Balance Sheet Components Balance Sheet Components
Property and Equipment, Net
Property and equipment, net consisted of the following (in thousands):
As of December 31,
20252024
Leasehold improvements$98,302 $85,284 
Computer equipment, software, and other77,315 55,815 
Furniture and fixtures15,435 13,906 
Construction in progress9,999 7,632 
Total property and equipment, gross201,051 162,637 
Less: accumulated depreciation and amortization(149,091)(122,999)
Total property and equipment, net$51,960 $39,638 
Depreciation and amortization expense related to property and equipment, net was not material for the years ended December 31, 2025, 2024, and 2023.
Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
As of December 31,
20252024
Accrued payroll and related expenses$178,659 $306,939 
Accrued other liabilities176,965 120,107 
Total accrued liabilities$355,624 $427,046 
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
2014 Credit Facility
The Company has a secured revolving credit facility, which provides for aggregate revolving commitments of $500.0 million and has a maturity date of March 31, 2027 (as amended, the “2014 Credit Facility”). As of December 31, 2025, the Company had no outstanding debt balances under the 2014 Credit Facility.
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, 2025.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company has operating leases primarily for corporate office space. 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 March 2035, 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, 2025 and 2024 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,105 $200,740 
Total right-of-use assets$200,105 $200,740 
Lease liabilities:
Operating leasesOperating lease liabilities$45,864 $43,993 
Operating lease liabilities, noncurrent183,474 195,226 
Total lease liabilities$229,338 $239,219 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
202520242023
Operating lease expense$57,164 $57,655 $61,972 
Short-term lease expense4,461 3,445 4,949 
Variable lease expense5,636 5,585 4,772 
Sublease income(15,966)(17,205)(18,905)
Total lease expense, net$51,295 $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, 2025 were as follows (in thousands):
As of December 31, 2025
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2026$62,079 $13,786 $48,293 
202750,428 14,423 36,005 
202829,555 12,470 17,085 
202924,943 10,254 14,689 
203033,319 10,254 23,065 
Thereafter92,215 10,254 81,961 
Total undiscounted liabilities292,539 71,441 221,098 
Less: Imputed interest(63,201)— (63,201)
Total operating lease liabilities$229,338 $71,441 $157,897 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was six and seven years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was 7%.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2025 and 2024 (in thousands):
Years Ended December 31,
20252024
Cash paid for operating lease liabilities$63,818 $65,402 
Lease liabilities arising from obtaining right-of-use assets
$37,784 $58,320 
Leases Leases
The Company has operating leases primarily for corporate office space. 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 March 2035, 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, 2025 and 2024 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,105 $200,740 
Total right-of-use assets$200,105 $200,740 
Lease liabilities:
Operating leasesOperating lease liabilities$45,864 $43,993 
Operating lease liabilities, noncurrent183,474 195,226 
Total lease liabilities$229,338 $239,219 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
202520242023
Operating lease expense$57,164 $57,655 $61,972 
Short-term lease expense4,461 3,445 4,949 
Variable lease expense5,636 5,585 4,772 
Sublease income(15,966)(17,205)(18,905)
Total lease expense, net$51,295 $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, 2025 were as follows (in thousands):
As of December 31, 2025
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2026$62,079 $13,786 $48,293 
202750,428 14,423 36,005 
202829,555 12,470 17,085 
202924,943 10,254 14,689 
203033,319 10,254 23,065 
Thereafter92,215 10,254 81,961 
Total undiscounted liabilities292,539 71,441 221,098 
Less: Imputed interest(63,201)— (63,201)
Total operating lease liabilities$229,338 $71,441 $157,897 
The weighted-average remaining lease term related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was six and seven years, respectively. The weighted-average discount rate related to the Company’s operating lease liabilities as of December 31, 2025 and 2024 was 7%.
The following table sets forth the supplemental information related to the Company's operating leases for the years ended December 31, 2025 and 2024 (in thousands):
Years Ended December 31,
20252024
Cash paid for operating lease liabilities$63,818 $65,402 
Lease liabilities arising from obtaining right-of-use assets
$37,784 $58,320 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
The Company has commitments with various third parties to purchase cloud hosting services. Under one of its third-party cloud services agreements, as amended, the Company has committed to spend at least $1.95 billion over ten contract years through September 30, 2033, among other things. As of December 31, 2025, the Company satisfied $79.2 million of its $170.2 million commitment for the contract year beginning October 1, 2025 and ending September 30, 2026.
Litigation and Legal Proceedings
The Company has been, is currently party to, and may, from time to time, be subject to various legal proceedings, claims, disputes, government investigations, or similar matters arising in the normal course of business. These may include proceedings, claims, disputes, allegations, or investigations related to, but not limited to, intellectual property; employment; securities; investors; taxes; class actions; contract or breach of contract; tort; warranty; refund; breach, leak, or misuse of personal data or confidential information; government procurement; government regulation or compliance; or other matters. The Company evaluates associated developments on a regular basis and establishes an accrual for loss contingencies when the loss is both probable and reasonably estimable.
On September 15, 2022, October 25, 2022, and November 4, 2022, putative securities class action complaints were filed in the United States District Court for the District of Colorado, captioned Cupat v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02384, Allegheny County Employees’ Retirement System v. Palantir Technologies, Inc., et al., Case No. 1:22-cv-02805, and Shijun Liu, Individually and as Trustee of the Liu Family Trust 2019 v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02893, respectively, naming the Company and certain current and former officers and directors as defendants. The suits allege false and misleading statements about our business and prospects, and purport to allege claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”), and seek unspecified damages and remedies under Sections 10(b), 20(a), and 20(A) of the Exchange Act and Sections 11 and 15 of the Securities Act. These three actions subsequently were consolidated as Cupat v. Palantir Technologies Inc., et al., Lead Civil Action No. 1:22-cv-02834-CNS-SKC, consolidated with civil actions 1:22-cv-02805-CNS-SKC and 1:22-cv-02893-CNS-SKC. On March 31, 2024, the Court dismissed the Cupat matter without prejudice. On May 24, 2024, plaintiffs filed a second amended complaint. On April 4, 2025, the Court dismissed the Cupat matter with prejudice and entered judgment for the defendants on the same day. On May 2, 2025, plaintiffs filed a Notice of Appeal from the final judgment with the United States Court of Appeals for the Tenth Circuit.
As of December 31, 2025, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its 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, 2025 and 2024.
The Company generally agrees to indemnify its customers against legal claims that the Company’s software products infringe certain third-party intellectual property rights and accounts for its indemnification obligations. In the event of such a claim, the Company is generally obligated to defend its customer against the claim and to either settle the claim at the Company’s expense or pay damages that the customer is legally required to pay to the third-party claimant. In addition, in the event of an infringement, the Company generally agrees to secure the right for the customer to continue using the infringing product; to modify or replace the infringing product; or, if those options are not commercially practicable, to refund the cost of the software, as prorated over the period. To date, the Company has not been required to make any payment resulting from infringement claims asserted against its customers and does not believe that the Company will be liable for such claims in the foreseeable future. As such, the Company has not recorded a liability for infringement costs as of December 31, 2025 and 2024.
The Company has obligations under certain circumstances to indemnify each of the defendant directors and certain officers against judgments, fines, settlements, and expenses related to claims against such directors and certain officers and otherwise to the fullest extent permitted under the law and the Company’s Amended and Restated Bylaws and Amended and Restated Certificate of Incorporation.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
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, 2025.
Holders of the common stock are entitled to dividends when, as, and if declared by the Company’s Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. No dividends have been declared as of December 31, 2025.
The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands):
As of December 31, 2025As of December 31, 2024
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,290,987 20,000,000 2,242,389 
Class B Common Stock2,700,000 99,200 2,700,000 95,401 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,391,192 22,701,005 2,338,795 
Share Repurchase Program
In August 2023, the Company’s Board of Directors authorized a stock repurchase program of up to $1.0 billion of the Company’s outstanding shares of Class A common stock (the “Share Repurchase Program”).
Share repurchases were 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 were immediately retired, and upon retirement the par value of the Class A common stock repurchased was deducted from common stock with the excess of repurchase price recorded to additional paid-in capital on the Company’s consolidated balance sheets.
During the year ended December 31, 2025, the Company repurchased and subsequently retired 0.6 million shares of its Class A common stock for an aggregate amount, including commissions, of $75.0 million under the Share Repurchase Program. In January 2026, the Company terminated the Share Repurchase Program.
v3.25.4
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2025
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, 2025 (in thousands, except per share amounts, years, and aggregate intrinsic value):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)
Balance as of December 31, 2024178,109 $9.26 6.9$11,822 6,437 $55.75 6.7$128 
Granted— —  5,167 219.44  
Exercised(25,739)5.02 — — 
Canceled and forfeited(168)6.45  (333)82.54  
Balance as of December 31, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Vested and exercisable as of December 31, 202572,552 $8.44 5.6$12,284 — $— 0.0$— 
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, 2025, 2024, and 2023 was $3.0 billion, $3.8 billion, and $0.5 billion, 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. There were no SARs exercised during the years ended December 31, 2025 and 2023. The aggregate intrinsic value of SARs exercised during the year ended December 31, 2024 was $0.7 billion.
There were no options granted during the years ended December 31, 2025, 2024, and 2023. The total grant-date fair value of options that vested during the years ended December 31, 2025, 2024, and 2023 was $103.6 million, $107.7 million, and $131.0 million, respectively. The weighted-average grant-date fair value of SARs granted during the year ended December 31, 2025 and 2024 was $22.43 and $4.08 per share, respectively. The total grant-date fair value of SARs that vested during the years ended December 31, 2025 and 2024 was $18.5 million and $138.8 million, respectively. There were no SARs granted or vested in the year ended December 31, 2023.
As of December 31, 2025, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $406.0 million and $144.6 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years, respectively.
Time-Vesting SARs
The Company grants Time-Vesting SARs that vest over explicit service periods of up to nine years and are exercisable at expiration, during a limited window, if the Company’s stock price reaches a certain threshold. Time-Vesting SARs have exercise prices of between $39–$250 and maximum appreciation values of between $60–$300.
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:
Years Ended December 31,
20252024
Expected volatility rate
56.7% – 66.1%
54.9% – 59.2%
Expected term (in years)
3.4 – 9.3
3.7 – 9.2
Risk-free interest rate
3.9% – 4.6%
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.
Market-Vesting SARs
During the year ended December 31, 2024, the Company granted SARs that vested upon the satisfaction of a market-based vesting condition and were subject to continued service (“Market-Vesting SARs”). All Market-Vesting SARs were vested during the year ended December 31, 2024.
RSUs and P-RSUs
The following table summarizes the RSU and P-RSU activity for the year ended December 31, 2025 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202465,236 $14.89 577 $41.93 
Granted5,751 136.28 815 106.56 
Vested(26,080)19.31 (1,180)70.04 
Canceled and forfeited(3,263)29.34 (20)103.49 
Adjustment for performance achievement(1)
(74)$68.14 
Unvested and outstanding as of December 31, 202541,644 $27.74 118 $180.79 
—————
(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.
The Company grants 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, 2025, 2024, and 2023 was $503.7 million, $436.6 million, and $526.1 million, respectively. The total grant-date fair value of P-RSUs vested during the year ended December 31, 2025 and 2024 was $82.6 million and $75.0 million, respectively. There were no P-RSUs vested in the year ended December 31, 2023. As of December 31, 2025, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $914.9 million, which is expected to be recognized over a weighted-average service period of three years. As of December 31, 2025, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding.
Stock-based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Years Ended December 31,
202520242023
Cost of revenue$64,555 $69,065 $35,995 
Sales and marketing248,732 239,121 160,645 
Research and development136,839 165,065 98,064 
General and administrative233,907 218,387 181,199 
Total stock-based compensation expense$684,033 $691,638 $475,903 
The Company did not recognize any tax benefits related to stock-based compensation expense during the years ended December 31, 2025, 2024, or 2023.
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Taxes
The Company adopted ASU 2023-09, Income Taxes – Improvements to Income Tax Disclosures, for the annual disclosures for the year ended December 31, 2025 on a prospective basis. Comparative financial information for prior periods has not been restated and continues to be reported under the accounting standards in effect for those periods.
Income before provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202520242023
United States$1,584,577 $426,944 $174,637 
Foreign72,791 62,229 62,454 
Income before provision for income taxes$1,657,368 $489,173 $237,091 
Provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202520242023
Current:
Federal$— $— $— 
State1,537 1,556 2,333 
Foreign25,101 20,265 22,189 
Total current provision26,638 21,821 24,522 
Deferred:
Federal— — — 
State— — — 
Foreign(3,914)(566)(4,806)
Total deferred provision(3,914)(566)(4,806)
Total provision for income taxes$22,724 $21,255 $19,716 
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, subsequent to the adoption of ASU 2023-09 (in thousands, except percentages):
Year Ended
December 31, 2025
AmountPercent
U.S. federal tax at statutory rate$348,047 21.0 %
State and local income taxes, net of federal income tax effect(1)
1,537 0.1 
Foreign tax effects:
United Kingdom (“U.K.”):
Statutory tax rate difference between the U.K. and U.S. (29,130)(1.8)
Stock-based compensation expense(159,108)(9.6)
Changes in valuation allowance184,024 11.1 
Other(3,279)(0.2)
Other foreign jurisdictions8,637 0.5 
Effects of changes in tax laws or rates enacted in the current period— — 
Effects of cross-border tax laws— — 
Tax credits(151,602)(9.1)
Changes in valuation allowances467,493 28.1 
Nontaxable or nondeductible items:
Stock-based compensation expense(720,691)(43.4)
Nondeductible officers' compensation34,453 2.1 
Other4,442 0.3 
Changes in unrecognized tax benefits37,901 2.3 
Total provision for income taxes and effective tax rate$22,724 1.4 %
————
(1) State taxes in Maryland made up the majority of the tax effect in this category.
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, prior to the adoption of ASU 2023-09 (in thousands):
Years Ended December 31,
20242023
Expected tax provision at U.S. federal statutory rate$102,726 $49,789 
State income taxes - net of federal benefit1,365 2,309 
Foreign tax rate differential(15,767)859 
Research and development tax credits(103,858)(45,667)
Stock-based compensation(513,841)(79,128)
Non-deductible officers’ compensation
33,404 34,479 
Change in valuation allowance507,149 35,070 
Base Erosion Anti-Abuse Tax and related elections— 14,700 
Taxes withheld at source5,599 4,378 
Non-deductible expenses5,545 3,610 
Other(1,067)(683)
Total provision for income taxes$21,255 $19,716 
For the year ended December 31, 2025, the Company recorded a provision for income taxes of $22.7 million compared to $21.3 million for the year ended December 31, 2024.
For the year ended December 31, 2024, the Company recorded a provision for income taxes of $21.3 million compared to $19.7 million for the year ended December 31, 2023.
The amounts of cash taxes for the year ended December 31, 2025 included the following, subsequent to the adoption of ASU 2023-09 (in thousands):
Year Ended
December 31, 2025
Federal$— 
State2,500 
Foreign
Korea5,771 
Japan4,796 
France2,843 
Germany1,724 
All other foreign4,052 
Income taxes, net of amounts refunded
$21,686 
Employment taxes$364,675 
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,
20252024
Net operating loss carryforwards$2,617,820 $1,583,076 
Capitalized research and experimental expenses85,377 504,156 
Reserves and accruals113,289 87,111 
Tax credit carryforwards528,449 394,579 
Stock-based compensation62,453 76,604 
Lease liabilities54,842 60,103 
Depreciation and amortization16,679 15,839 
Capitalized facilitative expenses22,573 38,436 
Gross deferred tax assets3,501,482 2,759,904 
Acquisition related intangibles(4,925)(6,827)
Right-of-use assets(47,941)(50,208)
Total net deferred tax assets before valuation allowance3,448,616 2,702,869 
Valuation allowance(3,452,323)(2,710,393)
Net deferred tax assets (liabilities)$(3,707)$(7,524)
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, 2025.
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 $3.5 billion and $2.7 billion for the years ended December 31, 2025 and 2024, respectively. The valuation allowance on our net deferred tax assets increased by $741.9 million and $608.1 million during the years ended December 31, 2025 and 2024, 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 in 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 non-U.S. based R&E expenditures had to be capitalized and amortized over five and fifteen years, respectively. As a result of this enactment, the Company began capitalizing and amortizing R&E expenditures over five years for domestic research and fifteen for international research rather than expensing these costs as incurred during the fiscal year ended December 31, 2022. As of December 31, 2024, the Company has recorded a deferred tax asset of $504.2 million related to the capitalization requirement.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted, introducing several significant U.S. income tax provisions relevant to the Company. The provisions include immediate expensing of domestic R&E expenditures beginning in 2025. As a result, the Company expensed the domestic R&E expenditures paid or incurred in the current year and also the unamortized domestic R&E expenditures capitalized in the prior years. As of December 31, 2025, the Company has recorded a deferred tax asset of $85.4 million related to the capitalization requirement.
As of December 31, 2025, the Company had U.S. federal and state net operating losses of approximately $9.0 billion and $4.8 billion, respectively. 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. 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 $8.3 billion which can be carried forward indefinitely. The state net operating loss carryforwards will expire at various dates beginning in 2026 through 2045 if not utilized.
Additionally, as of December 31, 2025, the Company had federal and California research and development credits of approximately $577.9 million and $152.1 million, respectively. 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. The federal research and development credits will begin to expire in the years 2027 through 2045 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, 2025, the Company had U.S. federal capital loss carryforwards of $355.3 million. As of December 31, 2024, the Company had U.S. federal capital loss carryforwards of $351.5 million. The capital loss carryforwards will expire beginning in 2027 if not utilized.
As of December 31, 2025, the Company had foreign net operating losses, primarily in the U.K., of approximately $1.8 billion. As of December 31, 2024, the Company had foreign net operating losses, primarily in the U.K., of approximately $0.9 billion. These net operating losses can be carried forward indefinitely.
As of December 31, 2025, 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.
The Organisation for Economic Co-operation and Development (“OECD”) Base Erosion and Profit Shifting (“BEPS”) global minimum tax provision (“Pillar Two”) rules are at varying stages of adoption across jurisdictions where the Company operates. While the United States has not yet adopted Pillar Two, several countries have enacted Pillar Two and these rules were applicable to the Company starting January 1, 2024 in some jurisdictions, and it did not have a material impact on our financial condition or results of operations for the periods presented. Furthermore, in response to trade negotiations with the United States, the Group of 7 countries (the “G7”) announced a joint understanding to exempt U.S.-parented multinational corporations from Pillar Two by adopting a “side-by-side” system between Pillar Two and the existing U.S. global minimum tax provisions, and the OECD released “Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two), Side-by-Side Package: Inclusive Framework on BEPS” on January 5, 2026, to this effect, which reduces the impact of Pillar Two rules on the Company.
Uncertain Tax Positions
A reconciliation of the gross unrecognized tax benefits consists of the following (in thousands):
Years Ended December 31,
202520242023
Unrecognized tax benefit beginning of year$151,183 $112,016 $81,904 
Increases in current year tax positions45,426 39,494 14,346 
Increases in prior year tax positions43 2,926 15,766 
Decreases in prior year tax positions— — — 
Decreases in prior year tax positions due to settlements(12,445)(3,253)— 
Decreases in prior year tax positions due to lapse of statute of limitations— — — 
Unrecognized tax benefit end of year$184,207 $151,183 $112,016 
As of December 31, 2025, 2024, and 2023, the Company recorded gross unrecognized tax benefits of $184.2 million, $151.2 million, and $112.0 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.
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, 2025, 2024, and 2023.
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 2025 and the U.K. for tax years 2024 through 2025.
v3.25.4
Earnings Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Attributable to Common Stockholders Earnings Per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):
As of December 31,
202520242023
Numerator
Net income attributable to common stockholders for diluted earnings per share$1,625,033 $462,190 $209,825 
Denominator
Weighted-average shares used in computing earnings per share:
Basic2,369,612 2,250,163 2,147,446 
Effect of dilutive shares195,585 200,655 150,481 
Diluted2,565,197 2,450,818 2,297,927 
Earnings per share
Earnings per share attributable to common stockholders:
Basic$0.69 $0.21 $0.10 
Diluted$0.63 $0.19 $0.09 
Diluted earnings per share is calculated using our weighted-average shares of outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. There were outstanding potentially dilutive common stock equivalents for stock options and RSUs combined of 1.1 million and 175.2 million for the years ended December 31, 2025 and 2023, respectively, which were excluded from the computation of diluted earnings per share attributable to common stockholders due to their antidilutive effect. There were no outstanding potentially dilutive common stock equivalents for stock options or RSUs for the year ended December 31, 2024.
As of December 31, 2025 and 2024, the Company had 11.3 million and 6.4 million Time-Vesting SARs outstanding, respectively, of which the maximum number of potentially dilutive shares of Class A common stock upon vesting would be the fraction that equals the maximum appreciation divided by the Company’s Class A common stock price at that time. No Time-Vesting SARs were outstanding as of December 31, 2023.
v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the 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, primarily by monitoring actual results versus historical periods. A segment’s contribution is calculated as segment revenue less the related costs of revenue and sales and marketing expenses. It excludes certain operating expenses that are not allocated to segments because they are separately managed at the consolidated corporate level, or are noncash costs. These unallocated and noncash costs include stock-based compensation expense, research and development expenses, and general and administrative expenses.
Financial information for each reportable segment was as follows (in thousands, except percentages):
Years Ended December 31,
202520242023
Amount%Amount%Amount%
Contribution:
Government revenue$2,402,287 $1,569,605 $1,222,215 
Expenses attributable to government segment(826,217)(621,165)(497,245)
Government contribution1,576,070 66 %948,440 60 %724,970 59 %
Commercial revenue2,073,159 1,295,902 1,002,797 
Expenses attributable to commercial segment(706,532)(524,394)(482,212)
Commercial contribution1,366,627 66 %771,508 60 %520,585 52 %
Total contribution$2,942,697 66 %$1,719,948 60 %$1,245,555 56 %
The reconciliation of total contribution to income from operations is as follows (in thousands):
Years Ended December 31,
202520242023
Income from operations$1,414,015 $310,403 $119,966 
Research and development expenses (1)
420,838 342,813 306,560 
General and administrative expenses (1)
423,811 375,094 343,126 
Total stock-based compensation expense684,033 691,638 475,903 
Total contribution$2,942,697 $1,719,948 $1,245,555 
—————
(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,
202520242023
Amount%Amount%Amount%
Revenue:
United States$3,320,043 74 %$1,900,247 66 %$1,378,247 62 %
United Kingdom427,398 10 %304,575 11 %235,257 11 %
Rest of world (1)
728,005 16 %660,685 23 %611,508 27 %
Total revenue$4,475,446 100 %$2,865,507 100 %$2,225,012 100 %
—————
(1) No other country represented 10% or more of total revenue for the years ended December 31, 2025, 2024, or 2023.
Property and equipment, net is attributed to the Company’s office locations as follows (in thousands, except percentages):
As of December 31,
20252024
Amount%Amount%
Property and equipment, net:
United States$38,102 73 %$22,968 58 %
Japan7,063 14 %9,183 23 %
United Kingdom5,027 10 %5,634 14 %
Rest of world1,768 3 %1,853 5 %
Total property and equipment, net$51,960 100 %$39,638 100 %
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Alexander Karp, the Company’s Chief Executive Officer, flies on non-commercial aircraft beneficially owned by him (the “Executive Aircraft”) for business and personal travel. During the years ended December 31, 2025 and 2024, the Company incurred expenses related to the use of the Executive Aircraft of $17.2 million and $7.7 million, respectively.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Peter Thiel [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 14, 2025, STS Holdings II LLC, a stockholder whose shares may be deemed to be beneficially owned by Peter Thiel (the Chairman of our Board of Directors), adopted a Rule 10b5-1 arrangement intended to satisfy the affirmative defense
conditions of Rule 10b5-1(c), subject to the satisfaction of certain price and/or other conditions, with 2,000,000 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions. The duration of the trading arrangement is until March 12, 2027, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Peter Thiel
Title Chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 14, 2025
Expiration Date March 12, 2027
Arrangement Duration 483 days
Aggregate Available 2,000,000
Alexander Karp [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On November 21, 2025, Alexander Karp, our Chief Executive Officer 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 360,000 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 November 25, 2026, 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 November 21, 2025
Expiration Date November 25, 2026
Aggregate Available 360,000
Alexander Moore [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On December 11, 2025, 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 192,000 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 March 12, 2027 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 December 11, 2025
Expiration Date March 12, 2027
Aggregate Available 192,000
Eric Woersching [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 369 days
David Glazer [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 456 days
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
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] true
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
v3.25.4
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
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 from operations, net income, 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,
202520242023
Cash and cash equivalents$1,423,796 $2,098,524 $831,047 
Restricted cash included in prepaid expenses and other current assets2,518 7,704 370 
Restricted cash included in other assets25,111 13,708 18,690 
Total cash, cash equivalents, and restricted cash$1,451,425 $2,119,936 $850,107 
Accounts Receivable and Allowance for Credit Losses
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 as of December 31, 2025 and 2024.
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, 2025 and 2024 were $1.0 billion and $0.6 billion, respectively. Customer I represented 25% and 26% of total accounts receivable as of December 31, 2025 and 2024, respectively, and no other customer represented more than 10% of total accounts receivable as of December 31, 2025 or 2024. 
For the years ended December 31, 2025, 2024, and 2023, 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.
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, 2025, 2024, and 2023 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. 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, 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, and customer growth activities, as well as third-party cloud hosting services for pilots, and marketing and sales event-related costs. 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 $16.0 million, $18.2 million, and $21.4 million for the years ended December 31, 2025, 2024, and 2023, 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. Research and development costs are expensed as incurred.
Contingencies
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.
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 P-RSUs 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 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.
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.
Earnings Per Share Attributable to Common Stockholders
Earnings Per Share Attributable to Common Stockholders
The Company computes earnings per share attributable to its common stockholders using the two-class method required for participating securities, which determines earnings 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 earnings 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 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, and other comprehensive income are reported in the consolidated financial statements at the consolidated amounts, which include the amounts attributable to both the 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.
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.
Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes – Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company adopted this standard update effective December 31, 2025 using a prospective approach and included the required disclosures in Note 11. Taxes. This standard update did not affect the Company’s operating results.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures, which requires the disclosure of additional information about specific expense categories in the notes to the consolidated financial statements on an annual and interim basis. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software, which simplifies the capitalization guidance related to internal-use software by removing all references to software development project stages so the guidance is neutral to different software development methods. This ASU is effective for fiscal years beginning after December 15, 2027, including interim periods within those annual reporting periods, with early adoption permitted and can be applied using a prospective, retrospective, or modified transition approach. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging and Revenue from Contracts with Customers, which refines the scope of the guidance on derivatives in ASC 815 and clarifies the guidance on share-based payments from a customer in ASC 606. This ASU is effective for fiscal years beginning after December 15, 2026, including interim periods within those annual reporting periods, with early adoption permitted. The guidance can be applied prospectively to new contracts entered into on or after the date of adoption or on a modified retrospective basis for contracts existing as of the beginning of the annual reporting period of adoption. The Company is currently evaluating the impacts of the new standard on its consolidated financial statements.
v3.25.4
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the 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,
202520242023
Cash and cash equivalents$1,423,796 $2,098,524 $831,047 
Restricted cash included in prepaid expenses and other current assets2,518 7,704 370 
Restricted cash included in other assets25,111 13,708 18,690 
Total cash, cash equivalents, and restricted cash$1,451,425 $2,119,936 $850,107 
v3.25.4
Investments and Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary Of Assets and Liabilities that are Measured at Fair Value on a Recurring and Nonrecurring Basis
The following tables present the Company’s assets that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation (in thousands):
As of December 31, 2025
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$945,330 $945,330 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,846 — 4,846 — 
Marketable securities:
U.S. Treasury securities5,729,892 — 5,729,892 — 
Publicly-traded equity securities23,355 23,355 — — 
Total$6,703,423 $968,685 $5,734,738 $— 
As of December 31, 2024
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$1,823,046 $1,823,046 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,826 — 4,826 — 
Marketable securities:
U.S. Treasury securities3,110,687 — 3,110,687 — 
Publicly-traded equity securities20,776 20,776 — — 
Total$4,959,335 $1,843,822 $3,115,513 $— 
Debt Securities, Available-for-Sale
As of December 31, 2025 and 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, 2025
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$5,720,869 $9,158 $(135)$5,729,892 
Total debt securities$5,720,869 $9,158 $(135)$5,729,892 
As of December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$3,110,278 $1,022 $(613)$3,110,687 
Total debt securities$3,110,278 $1,022 $(613)$3,110,687 
v3.25.4
Balance Sheet Components (Tables)
 12 Months Ended
Dec. 31, 2025
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,
20252024
Leasehold improvements$98,302 $85,284 
Computer equipment, software, and other77,315 55,815 
Furniture and fixtures15,435 13,906 
Construction in progress9,999 7,632 
Total property and equipment, gross201,051 162,637 
Less: accumulated depreciation and amortization(149,091)(122,999)
Total property and equipment, net$51,960 $39,638 
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
As of December 31,
20252024
Accrued payroll and related expenses$178,659 $306,939 
Accrued other liabilities176,965 120,107 
Total accrued liabilities$355,624 $427,046 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025 and 2024 was as follows (in thousands):
As of December 31,
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20252024
Right-of-use assets:
Operating leasesOperating lease right-of-use assets$200,105 $200,740 
Total right-of-use assets$200,105 $200,740 
Lease liabilities:
Operating leasesOperating lease liabilities$45,864 $43,993 
Operating lease liabilities, noncurrent183,474 195,226 
Total lease liabilities$229,338 $239,219 
The components of lease expense included in the Company's consolidated statements of operations include (in thousands):
Years Ended December 31,
202520242023
Operating lease expense$57,164 $57,655 $61,972 
Short-term lease expense4,461 3,445 4,949 
Variable lease expense5,636 5,585 4,772 
Sublease income(15,966)(17,205)(18,905)
Total lease expense, net$51,295 $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, 2025 and 2024 (in thousands):
Years Ended December 31,
20252024
Cash paid for operating lease liabilities$63,818 $65,402 
Lease liabilities arising from obtaining right-of-use assets
$37,784 $58,320 
Maturities of Operating Lease Liabilities
Maturities of operating lease liabilities as of December 31, 2025 were as follows (in thousands):
As of December 31, 2025
Operating Lease CommitmentsLess: Sublease IncomeNet Lease Commitments
Year ended December 31,
2026$62,079 $13,786 $48,293 
202750,428 14,423 36,005 
202829,555 12,470 17,085 
202924,943 10,254 14,689 
203033,319 10,254 23,065 
Thereafter92,215 10,254 81,961 
Total undiscounted liabilities292,539 71,441 221,098 
Less: Imputed interest(63,201)— (63,201)
Total operating lease liabilities$229,338 $71,441 $157,897 
v3.25.4
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
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, 2025As of December 31, 2024
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,290,987 20,000,000 2,242,389 
Class B Common Stock2,700,000 99,200 2,700,000 95,401 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,391,192 22,701,005 2,338,795 
v3.25.4
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and SAR activity for the year ended December 31, 2025 (in thousands, except per share amounts, years, and aggregate intrinsic value):
Options OutstandingSARs Outstanding
Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)Number of Awards
Weighted-Average Exercise Price Per Share
Weighted-Average
Remaining Contractual Life (years)		Aggregate Intrinsic Value (millions)
Balance as of December 31, 2024178,109 $9.26 6.9$11,822 6,437 $55.75 6.7$128 
Granted— —  5,167 219.44  
Exercised(25,739)5.02 — — 
Canceled and forfeited(168)6.45  (333)82.54  
Balance as of December 31, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Vested and exercisable as of December 31, 202572,552 $8.44 5.6$12,284 — $— 0.0$— 
Schedule of Share-Based Payment Award, Equity Instruments Other Than Options, Valuation Assumptions
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:
Years Ended December 31,
20252024
Expected volatility rate
56.7% – 66.1%
54.9% – 59.2%
Expected term (in years)
3.4 – 9.3
3.7 – 9.2
Risk-free interest rate
3.9% – 4.6%
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, 2025 (in thousands, except per share amounts):
RSUs OutstandingWeighted Average Grant Date Fair Value per ShareP-RSUs OutstandingWeighted Average Grant Date Fair Value per Share
Unvested and outstanding as of December 31, 202465,236 $14.89 577 $41.93 
Granted5,751 136.28 815 106.56 
Vested(26,080)19.31 (1,180)70.04 
Canceled and forfeited(3,263)29.34 (20)103.49 
Adjustment for performance achievement(1)
(74)$68.14 
Unvested and outstanding as of December 31, 202541,644 $27.74 118 $180.79 
—————
(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,
202520242023
Cost of revenue$64,555 $69,065 $35,995 
Sales and marketing248,732 239,121 160,645 
Research and development136,839 165,065 98,064 
General and administrative233,907 218,387 181,199 
Total stock-based compensation expense$684,033 $691,638 $475,903 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Loss Before Provision for (benefit from) Income Taxes
Income before provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202520242023
United States$1,584,577 $426,944 $174,637 
Foreign72,791 62,229 62,454 
Income before provision for income taxes$1,657,368 $489,173 $237,091 
Summary of Provision for (benefit from) Income Taxes
Provision for income taxes consisted of the following (in thousands):
Years Ended December 31,
202520242023
Current:
Federal$— $— $— 
State1,537 1,556 2,333 
Foreign25,101 20,265 22,189 
Total current provision26,638 21,821 24,522 
Deferred:
Federal— — — 
State— — — 
Foreign(3,914)(566)(4,806)
Total deferred provision(3,914)(566)(4,806)
Total provision for income taxes$22,724 $21,255 $19,716 
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, subsequent to the adoption of ASU 2023-09 (in thousands, except percentages):
Year Ended
December 31, 2025
AmountPercent
U.S. federal tax at statutory rate$348,047 21.0 %
State and local income taxes, net of federal income tax effect(1)
1,537 0.1 
Foreign tax effects:
United Kingdom (“U.K.”):
Statutory tax rate difference between the U.K. and U.S. (29,130)(1.8)
Stock-based compensation expense(159,108)(9.6)
Changes in valuation allowance184,024 11.1 
Other(3,279)(0.2)
Other foreign jurisdictions8,637 0.5 
Effects of changes in tax laws or rates enacted in the current period— — 
Effects of cross-border tax laws— — 
Tax credits(151,602)(9.1)
Changes in valuation allowances467,493 28.1 
Nontaxable or nondeductible items:
Stock-based compensation expense(720,691)(43.4)
Nondeductible officers' compensation34,453 2.1 
Other4,442 0.3 
Changes in unrecognized tax benefits37,901 2.3 
Total provision for income taxes and effective tax rate$22,724 1.4 %
————
(1) State taxes in Maryland made up the majority of the tax effect in this category.
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, prior to the adoption of ASU 2023-09 (in thousands):
Years Ended December 31,
20242023
Expected tax provision at U.S. federal statutory rate$102,726 $49,789 
State income taxes - net of federal benefit1,365 2,309 
Foreign tax rate differential(15,767)859 
Research and development tax credits(103,858)(45,667)
Stock-based compensation(513,841)(79,128)
Non-deductible officers’ compensation
33,404 34,479 
Change in valuation allowance507,149 35,070 
Base Erosion Anti-Abuse Tax and related elections— 14,700 
Taxes withheld at source5,599 4,378 
Non-deductible expenses5,545 3,610 
Other(1,067)(683)
Total provision for income taxes$21,255 $19,716 
Summary of Significant Deferred Tax Assets and Liabilities Significant deferred tax assets and liabilities consisted of the following (in thousands):
As of December 31,
20252024
Net operating loss carryforwards$2,617,820 $1,583,076 
Capitalized research and experimental expenses85,377 504,156 
Reserves and accruals113,289 87,111 
Tax credit carryforwards528,449 394,579 
Stock-based compensation62,453 76,604 
Lease liabilities54,842 60,103 
Depreciation and amortization16,679 15,839 
Capitalized facilitative expenses22,573 38,436 
Gross deferred tax assets3,501,482 2,759,904 
Acquisition related intangibles(4,925)(6,827)
Right-of-use assets(47,941)(50,208)
Total net deferred tax assets before valuation allowance3,448,616 2,702,869 
Valuation allowance(3,452,323)(2,710,393)
Net deferred tax assets (liabilities)$(3,707)$(7,524)
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,
202520242023
Unrecognized tax benefit beginning of year$151,183 $112,016 $81,904 
Increases in current year tax positions45,426 39,494 14,346 
Increases in prior year tax positions43 2,926 15,766 
Decreases in prior year tax positions— — — 
Decreases in prior year tax positions due to settlements(12,445)(3,253)— 
Decreases in prior year tax positions due to lapse of statute of limitations— — — 
Unrecognized tax benefit end of year$184,207 $151,183 $112,016 
Schedule of Cash Flow, Supplemental Disclosures
The amounts of cash taxes for the year ended December 31, 2025 included the following, subsequent to the adoption of ASU 2023-09 (in thousands):
Year Ended
December 31, 2025
Federal$— 
State2,500 
Foreign
Korea5,771 
Japan4,796 
France2,843 
Germany1,724 
All other foreign4,052 
Income taxes, net of amounts refunded
$21,686 
Employment taxes$364,675 
v3.25.4
Earnings Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Summary of Calculation of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):
As of December 31,
202520242023
Numerator
Net income attributable to common stockholders for diluted earnings per share$1,625,033 $462,190 $209,825 
Denominator
Weighted-average shares used in computing earnings per share:
Basic2,369,612 2,250,163 2,147,446 
Effect of dilutive shares195,585 200,655 150,481 
Diluted2,565,197 2,450,818 2,297,927 
Earnings per share
Earnings per share attributable to common stockholders:
Basic$0.69 $0.21 $0.10 
Diluted$0.63 $0.19 $0.09 
v3.25.4
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Summary of Financial Information for Each Reportable Segment
Financial information for each reportable segment was as follows (in thousands, except percentages):
Years Ended December 31,
202520242023
Amount%Amount%Amount%
Contribution:
Government revenue$2,402,287 $1,569,605 $1,222,215 
Expenses attributable to government segment(826,217)(621,165)(497,245)
Government contribution1,576,070 66 %948,440 60 %724,970 59 %
Commercial revenue2,073,159 1,295,902 1,002,797 
Expenses attributable to commercial segment(706,532)(524,394)(482,212)
Commercial contribution1,366,627 66 %771,508 60 %520,585 52 %
Total contribution$2,942,697 66 %$1,719,948 60 %$1,245,555 56 %
Summary of Reconciliation of Segment Financial Information to Loss from Operations
The reconciliation of total contribution to income from operations is as follows (in thousands):
Years Ended December 31,
202520242023
Income from operations$1,414,015 $310,403 $119,966 
Research and development expenses (1)
420,838 342,813 306,560 
General and administrative expenses (1)
423,811 375,094 343,126 
Total stock-based compensation expense684,033 691,638 475,903 
Total contribution$2,942,697 $1,719,948 $1,245,555 
—————
(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,
202520242023
Amount%Amount%Amount%
Revenue:
United States$3,320,043 74 %$1,900,247 66 %$1,378,247 62 %
United Kingdom427,398 10 %304,575 11 %235,257 11 %
Rest of world (1)
728,005 16 %660,685 23 %611,508 27 %
Total revenue$4,475,446 100 %$2,865,507 100 %$2,225,012 100 %
—————
(1) No other country represented 10% or more of total revenue for the years ended December 31, 2025, 2024, or 2023.
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,
20252024
Amount%Amount%
Property and equipment, net:
United States$38,102 73 %$22,968 58 %
Japan7,063 14 %9,183 23 %
United Kingdom5,027 10 %5,634 14 %
Rest of world1,768 3 %1,853 5 %
Total property and equipment, net$51,960 100 %$39,638 100 %
v3.25.4
Significant Accounting Policies - Schedule of Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 1,423,796 $ 2,098,524 $ 831,047  
Total cash, cash equivalents, and restricted cash 1,451,425 2,119,936 850,107 $ 2,627,335
Prepaid Expenses and Other Current Assets        
Cash and Cash Equivalents [Line Items]        
Restricted cash included in prepaid expenses and other current assets 2,518 7,704 370  
Other Current Assets        
Cash and Cash Equivalents [Line Items]        
Restricted cash included in prepaid expenses and other current assets $ 25,111 $ 13,708 $ 18,690  
v3.25.4
Significant Accounting Policies - Additional Information (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounting Policies [Line Items]      
Number of operating segments | segment 2    
Accounts receivable, net | $ $ 1,042,065 $ 575,048  
Useful lives (in years) 3 years    
Advertising expense | $ $ 16,000 $ 18,200 $ 21,400
Number of Reportable Segments | segment 2    
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) 25.00% 26.00%  
v3.25.4
Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Contract with customer, liability $ 812.3 $ 566.4
Revenue recognized from contract liability balances 526.6 $ 457.6
Remaining performance obligation $ 4,100.0  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation (as percent) 38.00%  
Expected timing of satisfaction (in months) 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Remaining performance obligation (as percent) 36.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | 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]: 2027-01-01 | Maximum    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]    
Expected timing of satisfaction (in months) 36 months  
v3.25.4
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, 2025
Dec. 31, 2024
Marketable securities:    
Debt securities $ 5,729,892 $ 3,110,687
Total 6,703,423 4,959,335
Level 1    
Marketable securities:    
Total 968,685 1,843,822
Level 2    
Marketable securities:    
Total 5,734,738 3,115,513
Level 3    
Marketable securities:    
Total 0 0
U.S. Treasury securities    
Marketable securities:    
Debt securities 5,729,892 3,110,687
Cash and Cash Equivalents | Money market funds    
Cash and cash equivalents:    
Cash and cash equivalents 945,330 1,823,046
Cash and Cash Equivalents | Money market funds | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents 945,330 1,823,046
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
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 4,846 4,826
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 1    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 0 0
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 4,846 4,826
Prepaid Expenses and Other Current Assets and Other Assets | Certificates of deposit | Level 3    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 0 0
Marketable Securities | U.S. Treasury securities    
Marketable securities:    
Debt securities 5,729,892 3,110,687
Marketable Securities | U.S. Treasury securities | Level 1    
Marketable securities:    
Debt securities 0 0
Marketable Securities | U.S. Treasury securities | Level 2    
Marketable securities:    
Debt securities 5,729,892 3,110,687
Marketable Securities | U.S. Treasury securities | Level 3    
Marketable securities:    
Debt securities 0 0
Marketable Securities | Publicly-traded equity securities    
Marketable securities:    
U.S. Treasury securities 23,355 20,776
Marketable Securities | Publicly-traded equity securities | Level 1    
Marketable securities:    
U.S. Treasury securities 23,355 20,776
Marketable Securities | Publicly-traded equity securities | Level 2    
Marketable securities:    
U.S. Treasury securities 0 0
Marketable Securities | Publicly-traded equity securities | Level 3    
Marketable securities:    
U.S. Treasury securities $ 0 $ 0
v3.25.4
Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 5,720,869 $ 3,110,278
Unrealized Gains 9,158 1,022
Unrealized Losses (135) (613)
Fair Value 5,729,892 3,110,687
U.S. Treasury securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 5,720,869 3,110,278
Unrealized Gains 9,158 1,022
Unrealized Losses (135) (613)
Fair Value $ 5,729,892 $ 3,110,687
v3.25.4
Investments and Fair Value Measurements - Additional Information (Detail)
$ in Thousands, security in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Dec. 31, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Proceeds from sale of available-for-sale securities $ 279,700 $ 0 $ 694,600
Available-for-sale debt securities in unrealized loss position $ 724,900 $ 716,300  
Number of securities in an unrealized loss position for greater than 12 months | security 0.0 0.0  
Credit or non-credit losses related to debt securities $ 0 $ 0  
Privately-held equity securities without readily determinable fair value, amount 170,000 64,900  
Annual upward adjustment 30,700 0  
Cumulative upward adjustment 30,700    
Equity securities received as noncash consideration 38,900 58,700 41,700
Revenues 4,475,446 2,865,507 2,225,012
Commercial Contract | Investment Agreement      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Aggregate purchase price 0 0  
Revenues $ 15,300 $ 52,300 $ 87,300
v3.25.4
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 201,051 $ 162,637
Less: accumulated depreciation and amortization (149,091) (122,999)
Total property and equipment, net 51,960 39,638
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 98,302 85,284
Computer equipment, software, and other    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 77,315 55,815
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross 15,435 13,906
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment, gross $ 9,999 $ 7,632
v3.25.4
Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Accrued payroll and related expenses $ 178,659 $ 306,939
Accrued other liabilities 176,965 120,107
Total accrued liabilities $ 355,624 $ 427,046
v3.25.4
Debt - Additional Information (Detail) - 2014 Revolving Credit Facility - Line of Credit
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Short-Term Debt [Line Items]  
Debt instrument maximum borrowing capacity $ 500.0
Revolving Credit Facility  
Short-Term Debt [Line Items]  
Debt instrument carrying amount 0.0
Line of credit minimum liquidity to be maintained $ 50.0
v3.25.4
Leases - Additional Information (Detail) - option
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Number of options to extend leases 1  
Weighted average remaining lease term (in years) 6 years 3 months 22 days 7 years
Weighted average discount rate (in percent) 7.00% 7.00%
v3.25.4
Leases - Summary Balance Sheet Information Relating to Leases (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Lease-Related Assets and Liabilities    
Operating lease right-of-use assets $ 200,105 $ 200,740
Total right-of-use assets 200,105 200,740
Lease liabilities:    
Operating lease liabilities 45,864 43,993
Operating lease liabilities, noncurrent 183,474 195,226
Total lease liabilities $ 229,338 $ 239,219
v3.25.4
Leases - Summary of Operating Lease Cost (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease, Cost [Abstract]      
Operating lease expense $ 57,164 $ 57,655 $ 61,972
Short-term lease expense 4,461 3,445 4,949
Variable lease expense 5,636 5,585 4,772
Sublease income (15,966) (17,205) (18,905)
Total lease expense, net $ 51,295 $ 49,480 $ 52,788
v3.25.4
Leases - Maturities of Operating Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Lease Commitments    
2026 $ 62,079  
2027 50,428  
2028 29,555  
2029 24,943  
2030 33,319  
Thereafter 92,215  
Total undiscounted liabilities 292,539  
Less: Imputed interest (63,201)  
Total operating lease liabilities 229,338 $ 239,219
Less: Sublease Income    
2026 13,786  
2027 14,423  
2028 12,470  
2029 10,254  
2030 10,254  
Thereafter 10,254  
Total undiscounted liabilities 71,441  
Less: Imputed interest 0  
Total operating lease liabilities 71,441  
Net Lease Commitments    
2026 48,293  
2027 36,005  
2028 17,085  
2029 14,689  
2030 23,065  
Thereafter 81,961  
Total undiscounted liabilities 221,098  
Less: Imputed interest (63,201)  
Total operating lease liabilities $ 157,897  
v3.25.4
Leases - Summary of Supplemental Cash Flow Information Related to Operating Leases (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Cash paid for operating lease liabilities $ 63,818 $ 65,402
Lease liabilities arising from obtaining right-of-use assets $ 37,784 $ 58,320
v3.25.4
Commitments and Contingencies - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Purchase Commitment  
Purchase Commitment, Excluding Long-Term Commitment [Line Items]  
Long-term purchase commitment, amount $ 1,950.0
Period for purchase commitment (in years) 10 years
Purchase Commitment, Contract Year Oct 1 2025 - Sep 30 2026  
Purchase Commitment, Excluding Long-Term Commitment [Line Items]  
Purchase commitment, portion satisfied in the current contract year $ 79.2
Purchase commitment for current contract year $ 170.2
v3.25.4
Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Authorized 22,701,005,000 22,701,005,000
Issued 2,391,192,000 2,338,795,000
Outstanding 2,391,192,000 2,338,795,000
Class A Common Stock    
Class of Stock [Line Items]    
Authorized 20,000,000,000 20,000,000,000
Issued 2,290,987,000 2,242,389,000
Outstanding 2,290,987,000 2,242,389,000
Class B Common Stock    
Class of Stock [Line Items]    
Authorized 2,700,000,000 2,700,000,000
Issued 99,200,000 95,401,000
Outstanding 99,200,000 95,401,000
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
v3.25.4
Stockholders' Equity - Additional Information (Detail)
shares in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
vote
shares
Dec. 31, 2024
USD ($)
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
Repurchases of common stock $ 74,985,000 $ 64,196,000  
Class A Common Stock      
Class of Stock [Line Items]      
Voting rights | vote 1    
Repurchases of common stock $ 75,000,000.0    
Repurchases of common stock (in shares) | shares 0.6    
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%    
v3.25.4
Stock-Based Compensation - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 30, 2020
Aug. 30, 2020
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted (in shares)     0 0 0  
Options vested and exercisable (in years)     5 years 7 months 6 days      
Aggregate intrinsic value of options exercised     $ 3,000,000,000.0 $ 3,800,000,000 $ 500,000,000  
Exercised (in shares)         0  
Grant date fair value of stock options vested during period     103,600,000 107,700,000 $ 131,000,000.0  
Unrecognized share based compensation expense     406,000,000.0 144,600,000    
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%      
Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Performance target (in percent)     100.00%      
Equity Option            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized share based compensation expense, period for recognition (in years)     5 years 3 months 15 days      
Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares)     5,751,000      
Granted (in dollars per share)     $ 136.28      
Vested in period     $ 503,700,000 436,600,000 $ 526,100,000  
Vested in period (in shares)     26,080,000      
Unrecognized share based compensation expense     $ 914,900,000      
Unrecognized share based compensation expense, period for recognition (in years)     3 years      
Share based payment award vesting period     4 years      
SARs Outstanding            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Exercised (in shares)     0      
Aggregate intrinsic value of SARs exercised       $ 700,000,000    
Granted (in dollars per share)     $ 22.43 $ 4.08    
Vested in period     $ 18,500,000 $ 138,800,000    
Granted (in shares)     5,167,000   0  
Vested in period (in shares)     0      
Unrecognized share based compensation expense, period for recognition (in years)     8 years      
Time-Vesting SARs | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Non-option equity instrument, exercise price (in dollars per share)     $ 39      
Maximum appreciation per award     $ 60      
Time-Vesting SARs | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Share based payment award vesting period     9 years      
Non-option equity instrument, exercise price (in dollars per share)     $ 250      
Maximum appreciation per award     $ 300      
Performance-Based RSUs (P-RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares)     815,000      
Granted (in dollars per share)     $ 106.56      
Vested in period     $ 82,600,000 $ 75,000,000.0 $ 0  
Vested in period (in shares)     1,180,000      
Unrecognized share based compensation expense     $ 0      
Share based payment award vesting period     3 months      
2020 Executive Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares reserved for future issuance (in shares)   165,900,000        
2020 Executive Equity Incentive Plan | Equity Option            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Options granted (in shares)   162,000,000        
2020 Executive Equity Incentive Plan | Restricted Stock Units (RSUs)            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares)   3,900,000        
2020 Equity Incentive Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Shares reserved for future issuance (in shares)           150,000,000
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 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      
v3.25.4
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Awards      
Beginning Balance (in shares) 178,109,000    
Options granted (in shares) 0 0 0
Options Exercised (in shares) (25,739,000)    
Options Canceled and Forfeited (in shares) (168,000)    
Ending Balance (in shares) 152,202,000 178,109,000  
Options Vested and Exercisable, End of Period (in shares) 72,552,000    
Weighted-Average Exercise Price Per Share      
Beginning Balance (in dollars per share) $ 9.26    
Options granted (in dollars per share) 0    
Options Exercised (in dollars per share) 5.02    
Options Canceled and Forfeited (in dollars per share) 6.45    
Ending Balance (in dollars per share) 9.98 $ 9.26  
Options Vested and Exercisable, End of Period (in dollars per share) $ 8.44    
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value      
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) 6 years 1 month 6 days 6 years 10 months 24 days  
Options vested and exercisable (in years) 5 years 7 months 6 days    
Options outstanding, aggregate intrinsic value $ 25,536 $ 11,822  
Options vested and exercisable, end of period $ 12,284    
v3.25.4
Stock-Based Compensation - Summary of SARs Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Awards      
Exercised ( in shares)     0
SARs Outstanding      
Number of Awards      
Beginning Balance (in shares) 6,437,000    
Granted (in shares) 5,167,000   0
Exercised ( in shares) 0    
Canceled and forfeited (in shares) (333,000)    
Ending Balance (in shares) 11,271,000 6,437,000  
Vested and Exercisable (in shares) 0    
Weighted-Average Exercise Price Per Share      
Beginning Balance (in dollars per share) $ 55.75    
Granted (in dollars per share) 219.44    
Exercised (in dollars per share) 0    
Canceled and Forfeited (in dollars per share) 82.54    
Ending Balance (in dollars per share) 130.00 $ 55.75  
Vested and Exercisable (in dollars per share) $ 0    
Shares outstanding, weighted average remaining contractual life (in years) 7 years 1 month 6 days 6 years 8 months 12 days  
Vested and exercisable, weighted average remaining contractual life (in years) 0 years    
SARs Aggregate Intrinsic Value $ 794 $ 128  
Vested and Exercisable, Aggregate Intrinsic Value $ 0    
v3.25.4
Stock-Based Compensation - Valuation Assumption (Details) - Time-Vesting SARs
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected dividend yield 0.00% 0.00%
Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility rate 56.70% 54.90%
Expected term (in years) 3 years 4 months 24 days 3 years 8 months 12 days
Risk-free interest rate 3.90% 3.40%
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility rate 66.10% 59.20%
Expected term (in years) 9 years 3 months 18 days 9 years 2 months 12 days
Risk-free interest rate 4.60% 3.90%
v3.25.4
Stock-Based Compensation - Summary of RSU And PRSU Activity (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
shares
Restricted Stock Units (RSUs)  
Units Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 65,236,000
Granted (in shares) | shares 5,751,000
Vested (in shares) | shares (26,080,000)
Canceled and forfeited (in shares) | shares (3,263,000)
Unvested and outstanding, ending balance (in shares) | shares 41,644,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 14.89
Granted (in dollars per share) | $ / shares 136.28
Vested (in dollars per share) | $ / shares 19.31
Canceled and forfeited (in dollars per share) | $ / shares 29.34
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 27.74
Performance-Based RSUs (P-RSUs)  
Units Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 577,000
Granted (in shares) | shares 815,000
Vested (in shares) | shares (1,180,000)
Canceled and forfeited (in shares) | shares (20,000)
Adjustment for performance achievement (in shares) | shares (74,000)
Unvested and outstanding, ending balance (in shares) | shares 118,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 41.93
Granted (in dollars per share) | $ / shares 106.56
Vested (in dollars per share) | $ / shares 70.04
Canceled and forfeited (in dollars per share) | $ / shares 103.49
Adjustment for performance achievement (in dollars per share) | $ / shares 68.14
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 180.79
v3.25.4
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 684,033 $ 691,638 $ 475,903
Cost of revenue      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 64,555 69,065 35,995
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 248,732 239,121 160,645
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 136,839 165,065 98,064
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 233,907 $ 218,387 $ 181,199
v3.25.4
Income Taxes - Summary Of Income Before Provision For Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income before provision for income taxes      
United States $ 1,584,577 $ 426,944 $ 174,637
Foreign 72,791 62,229 62,454
Income before provision for income taxes $ 1,657,368 $ 489,173 $ 237,091
v3.25.4
Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 0 $ 0 $ 0
State 1,537 1,556 2,333
Foreign 25,101 20,265 22,189
Total current provision 26,638 21,821 24,522
Deferred:      
Federal 0 0 0
State 0 0 0
Foreign (3,914) (566) (4,806)
Total deferred provision (3,914) (566) (4,806)
Total provision for income taxes $ 22,724 $ 21,255 $ 19,716
v3.25.4
Income Taxes - Summary of Reconciliation of Effective Income Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Expected tax provision at U.S. federal statutory rate $ 348,047 $ 102,726 $ 49,789
State income taxes - net of federal benefit 1,537 1,365 2,309
Foreign tax rate differential   (15,767) 859
Research and development tax credits   (103,858) (45,667)
Stock-based compensation (720,691) (513,841) (79,128)
Change in valuation allowance 467,493 507,149 35,070
Base Erosion Anti-Abuse Tax and related elections   0 14,700
Taxes withheld at source   5,599 4,378
Non-deductible expenses   5,545 3,610
Other   (1,067) (683)
Effects of changes in tax laws or rates enacted in the current period 0    
Effects of cross-border tax laws 0    
Tax credits (151,602)    
Non-deductible officers’ compensation 34,453 33,404 34,479
Other 4,442    
Changes in unrecognized tax benefits 37,901    
Total provision for income taxes 22,724 21,255 19,716
Amount      
Expected tax provision at U.S. federal statutory rate 348,047 102,726 49,789
State income taxes - net of federal benefit 1,537 1,365 2,309
Foreign tax rate differential   (15,767) 859
Research and development tax credits   (103,858) (45,667)
Stock-based compensation (720,691) (513,841) (79,128)
Change in valuation allowance 467,493 507,149 35,070
Base Erosion Anti-Abuse Tax and related elections   0 14,700
Taxes withheld at source   5,599 4,378
Non-deductible expenses   5,545 3,610
Other   (1,067) (683)
Effects of changes in tax laws or rates enacted in the current period 0    
Effects of cross-border tax laws 0    
Tax credits (151,602)    
Non-deductible officers’ compensation 34,453 33,404 34,479
Other 4,442    
Changes in unrecognized tax benefits 37,901    
Total provision for income taxes $ 22,724 $ 21,255 $ 19,716
Percent      
U.S. federal tax at statutory rate 21.00%    
State income taxes - net of federal benefit 0.10%    
Stock-based compensation expense (43.40%)    
Changes in valuation allowance 28.10%    
Effects of changes in tax laws or rates enacted in the current period 0.00%    
Effects of cross-border tax laws 0.00%    
Tax credits (9.10%)    
Nondeductible officers' compensation 2.10%    
Other 0.30%    
Changes in unrecognized tax benefits 2.30%    
Total provision for income taxes and effective tax rate 1.40%    
United Kingdom      
Income Tax Disclosure [Abstract]      
Foreign tax rate differential $ (29,130)    
Stock-based compensation (159,108)    
Change in valuation allowance 184,024    
Other (3,279)    
Amount      
Foreign tax rate differential (29,130)    
Stock-based compensation (159,108)    
Change in valuation allowance 184,024    
Other $ (3,279)    
Percent      
Foreign tax rate differential (1.80%)    
Stock-based compensation expense (9.60%)    
Changes in valuation allowance 11.10%    
Other (0.20%)    
All other foreign      
Income Tax Disclosure [Abstract]      
Foreign tax rate differential $ 8,637    
Amount      
Foreign tax rate differential $ 8,637    
Percent      
Foreign tax rate differential 0.50%    
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Contingency [Line Items]        
Total provision for income taxes $ 22,724 $ 21,255 $ 19,716  
Valuation allowance 3,452,323 2,710,393    
Valuation allowance, increase (decrease) 741,900 608,100    
Capitalized research and experimental expenses 85,377 504,156    
Unrecognized tax benefits 184,207 151,183 $ 112,016 $ 81,904
United States        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 355,300 351,500    
Foreign        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 1,800,000 900,000    
California Franchise Tax Board        
Income Tax Contingency [Line Items]        
Deferred tax assets, tax credit carryforwards, research 152,100 122,600    
Domestic Tax Jurisdiction        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards 9,000,000 5,500,000    
Operating loss carryforwards, not subject to expiration 8,300,000      
Deferred tax assets, tax credit carryforwards, research 577,900 426,300    
State and Local Jurisdiction        
Income Tax Contingency [Line Items]        
Net operating loss carryforwards $ 4,800,000 $ 3,200,000    
v3.25.4
Income Taxes - Cash Paid, Net of Refund (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Federal $ 0
State 2,500
Income taxes, net of amounts refunded 21,686
Employment taxes paid 364,675
Korea  
Foreign 5,771
Japan  
Foreign 4,796
France  
Foreign 2,843
Germany  
Foreign 1,724
All other foreign  
Foreign $ 4,052
v3.25.4
Income Taxes - Summary of Significant Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Components of Deferred Tax Assets and Liabilities [Abstract]    
Net operating loss carryforwards $ 2,617,820 $ 1,583,076
Capitalized research and experimental expenses 85,377 504,156
Reserves and accruals 113,289 87,111
Tax credit carryforwards 528,449 394,579
Stock-based compensation 62,453 76,604
Non-deductible officers’ compensation 54,842 60,103
Change in valuation allowance 16,679 15,839
Base Erosion Anti-Abuse Tax and related elections 22,573 38,436
Taxes withheld at source 3,501,482 2,759,904
Acquisition related intangibles 4,925 6,827
Right-of-use assets (47,941) (50,208)
Total provision for income taxes 3,448,616 2,702,869
Valuation allowance 3,452,323 2,710,393
Net deferred tax assets (liabilities) $ (3,707) $ (7,524)
v3.25.4
Income Taxes - Summary of Reconciliation of the Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]      
Unrecognized tax benefit beginning of year $ 151,183 $ 112,016 $ 81,904
Increases in current year tax positions 45,426 39,494 14,346
Increases in prior year tax positions 43 2,926 15,766
Decreases in prior year tax positions 0 0 0
Decreases in prior year tax positions due to settlements (12,445) (3,253) 0
Decreases in prior year tax positions due to lapse of statute of limitations 0 0 0
Unrecognized tax benefit end of year $ 184,207 $ 151,183 $ 112,016
v3.25.4
Earnings Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator      
Net income attributable to common stockholders for diluted earnings per share $ 1,625,033 $ 462,190 $ 209,825
Denominator      
Basic 2,369,612 2,250,163 2,147,446
Effect of dilutive shares 195,585 200,655 150,481
Diluted 2,565,197 2,450,818 2,297,927
Earnings per share      
Basic $ 0.69 $ 0.21 $ 0.10
Diluted $ 0.63 $ 0.19 $ 0.09
v3.25.4
Earnings Per Share Attributable to Common Stockholders - Narrative (Detail) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock Units (RSUs)      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 1.1 0.0 175.2
Employee Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 1.1 0.0 175.2
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) 11.3 6.4 0.0
v3.25.4
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenues $ 4,475,446 $ 2,865,507 $ 2,225,012
Operating Segments      
Segment Reporting Information [Line Items]      
Total contribution $ 2,942,697 $ 1,719,948 $ 1,245,555
Contribution margin (in percent) 66.00% 60.00% 56.00%
Operating Segments | Government      
Segment Reporting Information [Line Items]      
Revenues $ 2,402,287 $ 1,569,605 $ 1,222,215
Expenses (826,217) (621,165) (497,245)
Total contribution $ 1,576,070 $ 948,440 $ 724,970
Contribution margin (in percent) 66.00% 60.00% 59.00%
Operating Segments | Commercial      
Segment Reporting Information [Line Items]      
Revenues $ 2,073,159 $ 1,295,902 $ 1,002,797
Expenses (706,532) (524,394) (482,212)
Total contribution $ 1,366,627 $ 771,508 $ 520,585
Contribution margin (in percent) 66.00% 60.00% 52.00%
v3.25.4
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Income from operations $ 1,414,015 $ 310,403 $ 119,966
Total stock-based compensation expense 684,033 691,638 475,903
Reconciling items      
Segment Reporting Information [Line Items]      
Income from operations 1,414,015 310,403 119,966
Research and development expenses 420,838 342,813 306,560
General and administrative expenses 423,811 375,094 343,126
Total stock-based compensation expense 684,033 691,638 475,903
Operating Segments      
Segment Reporting Information [Line Items]      
Total contribution $ 2,942,697 $ 1,719,948 $ 1,245,555
v3.25.4
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Revenues $ 4,475,446 $ 2,865,507 $ 2,225,012
Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenues $ 4,475,446 $ 2,865,507 $ 2,225,012
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 $ 3,320,043 $ 1,900,247 $ 1,378,247
United States | Geographic Concentration Risk | Revenue Benchmark      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 74.00% 66.00% 62.00%
United Kingdom | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenues $ 427,398 $ 304,575 $ 235,257
United Kingdom | Geographic Concentration Risk | Revenue Benchmark      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 10.00% 11.00% 11.00%
Rest of world | Geographic Concentration Risk      
Disaggregation of Revenue [Line Items]      
Revenues $ 728,005 $ 660,685 $ 611,508
Rest of world | Geographic Concentration Risk | Revenue Benchmark      
Disaggregation of Revenue [Line Items]      
Concentration risk (in percent) 16.00% 23.00% 27.00%
v3.25.4
Segment and Geographic Information - Summary of Property and Equipment, Net by Geography (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 51,960 $ 39,638
Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 51,960 $ 39,638
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 $ 38,102 $ 22,968
United States | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 73.00% 58.00%
Japan | Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 7,063 $ 9,183
Japan | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 14.00% 23.00%
United Kingdom | Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 5,027 $ 5,634
United Kingdom | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 10.00% 14.00%
Rest of world | Geographic Concentration Risk    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Property and equipment, net $ 1,768 $ 1,853
Rest of world | Geographic Concentration Risk | Property, Plant and Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Concentration risk (in percent) 3.00% 5.00%
v3.25.4
Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Operating expenses $ 2,272,254 $ 1,989,114 $ 1,673,941
Chief Executive Officer      
Related Party Transaction [Line Items]      
Operating expenses $ 17,200 $ 7,700