PALANTIR TECHNOLOGIES INC., 10-Q filed on 5/5/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 27, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 $0.001 per share  
Trading Symbol PLTR  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001321655  
Amendment Flag false  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2026  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,296,071,334
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   100,235,643
Class F Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,005,000
v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 2,291,631 $ 1,423,796
Marketable securities 5,734,782 5,753,247
Accounts receivable, net 1,405,588 1,042,065
Prepaid expenses and other current assets 119,703 139,066
Total current assets 9,551,704 8,358,174
Property and equipment, net 55,726 51,960
Operating lease right-of-use assets 228,980 200,105
Other assets 362,773 290,153
Total assets 10,199,183 8,900,392
Current liabilities:    
Accounts payable, accrued liabilities, and other 495,962 409,552
Deferred revenue 516,868 408,963
Customer deposits 370,119 357,066
Total current liabilities 1,382,949 1,175,581
Deferred revenue, noncurrent 41,128 46,216
Customer deposits, noncurrent 1,175 18
Operating lease liabilities, noncurrent 211,977 183,474
Other noncurrent liabilities 5,673 7,092
Total liabilities 1,642,902 1,412,381
Commitments and Contingencies (Note 7)
Palantir's stockholders’ equity:    
Common stock 2,397 2,391
Additional paid-in capital 11,138,528 10,933,325
Accumulated other comprehensive income, net 601 13,942
Accumulated deficit (2,691,863) (3,562,390)
Total Palantir's stockholders’ equity 8,449,663 7,387,268
Noncontrolling interests 106,618 100,743
Total equity 8,556,281 7,488,011
Total liabilities and equity $ 10,199,183 $ 8,900,392
v3.26.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Common stock, shares authorized (in shares) 22,701,005,000 22,701,005,000
Common stock, shares issued (in shares) 2,397,133,000 2,391,192,000
Common stock, shares outstanding (in shares) 2,397,133,000 2,391,192,000
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) 2,295,892,000 2,290,987,000
Common stock, shares outstanding (in shares) 2,295,892,000 2,290,987,000
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) 100,236,000 99,200,000
Common stock, shares outstanding (in shares) 100,236,000 99,200,000
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
v3.26.1
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 1,632,583 $ 883,855
Cost of revenue 215,798 172,970
Gross profit 1,416,785 710,885
Operating expenses:    
Sales and marketing 319,220 236,309
Research and development 160,981 134,889
General and administrative 182,586 163,639
Total operating expenses 662,787 534,837
Income from operations 753,998 176,048
Interest income 66,394 50,441
Other income (expense), net 68,209 (3,173)
Income before provision for income taxes 888,601 223,316
Provision for income taxes 12,199 5,599
Net income 876,402 217,717
Less: Net income attributable to noncontrolling interests 5,875 3,686
Net income attributable to common stockholders $ 870,527 $ 214,031
Earnings per share attributable to common stockholders, basic (in dollars per share) $ 0.36 $ 0.09
Earnings per share attributable to common stockholders, diluted (in dollars per share) $ 0.34 $ 0.08
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, basic (in shares) 2,393,869 2,348,679
Weighted-average shares of common stock outstanding used in computing earnings per share attributable to common stockholders, diluted (in shares) 2,570,924 2,552,818
v3.26.1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 876,402 $ 217,717
Other comprehensive income (loss), net of tax    
Foreign currency translation adjustments (3,327) 3,853
Net unrealized loss on available-for-sale securities (10,014) (1,236)
Comprehensive income 863,061 220,334
Less: Comprehensive income attributable to noncontrolling interests 5,875 3,686
Comprehensive income attributable to common stockholders $ 857,186 $ 216,648
v3.26.1
Condensed Consolidated Statements of Stockholders’ Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Total Palantir’s Stockholders’ Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss, Net
Accumulated Deficit
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2024     2,338,795        
Beginning balance at Dec. 31, 2024 $ 5,094,407 $ 5,003,275 $ 2,339 $ 10,193,970 $ (5,611) $ (5,187,423) $ 91,132
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock from the exercise of stock options (in shares)     13,574        
Issuance of common stock from the exercise of stock options 66,584 66,584 $ 14 66,570      
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)     7,505        
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)     $ 7 (7)      
Repurchases of common stock (in shares)     (211)        
Repurchases of common stock (17,998) (17,998)   (17,998)      
Stock-based compensation 155,646 155,646   155,646      
Other comprehensive income (loss) 2,617 2,617     2,617    
Net income 217,717 214,031       214,031 3,686
Ending balance (in shares) at Mar. 31, 2025     2,359,663        
Ending balance at Mar. 31, 2025 $ 5,518,973 5,424,155 $ 2,360 10,398,181 (2,994) (4,973,392) 94,818
Beginning balance (in shares) at Dec. 31, 2025 2,391,192   2,391,192        
Beginning balance at Dec. 31, 2025 $ 7,488,011 7,387,268 $ 2,391 10,933,325 13,942 (3,562,390) 100,743
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Issuance of common stock from the exercise of stock options (in shares) 1,038   1,038        
Issuance of common stock from the exercise of stock options $ 4,899 4,899 $ 1 4,898      
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”) (in shares)     4,911        
Issuance of common stock upon release of restricted stock units (“RSUs”) and performance-based RSUs (“P-RSUs”)     $ 5 (5)      
Repurchases of common stock (in shares)     (8)        
Repurchases of common stock (1,500) (1,500)   (1,500)      
Stock-based compensation 201,810 201,810   201,810      
Other comprehensive income (loss) (13,341) (13,341)     (13,341)    
Net income $ 876,402 870,527       870,527 5,875
Ending balance (in shares) at Mar. 31, 2026 2,397,133   2,397,133        
Ending balance at Mar. 31, 2026 $ 8,556,281 $ 8,449,663 $ 2,397 $ 11,138,528 $ 601 $ (2,691,863) $ 106,618
v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 876,402 $ 217,717
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,765 6,622
Stock-based compensation 201,592 155,339
Other operating activities (53,959) (3,094)
Changes in operating assets and liabilities:    
Accounts receivable, net (360,973) (134,959)
Prepaid expenses and other assets 49,062 40,730
Accounts payable and accrued liabilities 80,788 22,395
Contract liabilities 112,386 18,760
Other liabilities (12,898) (13,247)
Net cash provided by operating activities 899,165 310,263
Investing activities    
Purchases of property and equipment (7,401) (6,184)
Purchases of marketable securities (810,856) (1,704,720)
Proceeds from sales and redemption of marketable securities 791,533 350,627
Other investing activities 0 (30,000)
Net cash used in investing activities (26,724) (1,390,277)
Financing activities    
Proceeds from the exercise of common stock options 4,899 66,584
Other financing activities (1,502) (95,481)
Net cash provided by (used in) financing activities 3,397 (28,897)
Effect of foreign exchange on cash, cash equivalents, and restricted cash (2,404) 3,980
Net increase (decrease) in cash, cash equivalents, and restricted cash 873,434 (1,104,931)
Cash, cash equivalents, and restricted cash - beginning of period 1,451,425 2,119,936
Cash, cash equivalents, and restricted cash - end of period $ 2,324,859 $ 1,015,005
v3.26.1
Organization
 3 Months Ended
Mar. 31, 2026
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.
v3.26.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies . Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income from operations, net income, or cash flows. The Company's fiscal year ends on December 31.
The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.
These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 17, 2026.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods.
Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, and the valuation and recognition of stock-based compensation awards. Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates and such differences could affect the Company’s financial position and results of operations.
Summary of Significant Accounting Policies
The Company’s significant accounting policies are discussed in Note 2. Significant Accounting Policies in the notes to consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 17, 2026. There have been no significant changes to these policies during the three months ended March 31, 2026, except for the changes noted below.
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 with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.
The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of March 31, 2026 and December 31, 2025 were $1.4 billion and $1.0 billion, respectively. Customer I represented 31% and 25% of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively. No other customer represented more than 10% of total accounts receivable as of March 31, 2026 and December 31, 2025.
For the three months ended March 31, 2026 and 2025, no customer represented more than 10% of total revenue.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification (“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.
v3.26.1
Contract Liabilities and Remaining Performance Obligations
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025 the Company’s contract liabilities were $929 million and $812 million, respectively. Revenue of $439 million and $259 million was recognized during the three months ended March 31, 2026 and 2025, respectively, that was included in contract liabilities as of December 31, 2025 and 2024, 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 $4.5 billion as of March 31, 2026, of which the Company expects to recognize approximately 39% 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 12. Segment and Geographic Information for disaggregated revenue by customer segment and geographic region.
v3.26.1
Investments and Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$1,730,569 $1,730,569 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,858 — 4,858 — 
Marketable securities:
U.S. Treasury securities5,728,778 — 5,728,778 — 
Publicly-traded equity securities6,004 6,004 — — 
Total$7,470,209 $1,736,573 $5,733,636 $— 
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 $— 
Debt Securities
As of March 31, 2026 and December 31, 2025, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):
As of March 31, 2026
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$5,729,768 $2,764 $(3,754)$5,728,778 
Total debt securities$5,729,768 $2,764 $(3,754)$5,728,778 
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 
No available-for-sale debt securities were sold during the three months ended March 31, 2026. The Company sold $280 million of available-for-sale debt securities during the three months ended March 31, 2025. The realized gains and losses from those sales were immaterial. As of March 31, 2026 and December 31, 2025, available-for-sale debt securities of $2.4 billion and $0.7 billion, respectively, were in an unrealized loss position primarily due to unfavorable changes in interest rates subsequent to
initial purchase. None of the available-for-sale debt securities held as of March 31, 2026 or December 31, 2025 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. The Company did not recognize any credit losses related to available-for-sale debt securities during the three months ended March 31, 2026 or 2025. All of the Company’s U.S. Treasury securities had contractual maturities due within one year as of March 31, 2026 and December 31, 2025.
Equity Securities
The Company holds equity securities in publicly-traded companies, which are recorded at fair market value each reporting period in marketable securities on the condensed consolidated balance sheets. Realized and unrealized gains and losses are recorded in other income (expense), net on the condensed consolidated statements of operations. For the three months ended March 31, 2026 and 2025, 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 March 31, 2026 and December 31, 2025, the total amount of privately-held equity securities included in other assets on the condensed consolidated balance sheets was $245 million and $170 million, respectively. The Company classifies these fair value measurements as Level 3 within the fair value hierarchy. There were no material upward or downward adjustments or impairments for the privately-held equity securities during the three months ended March 31, 2026 or 2025. Cumulative upward and downward adjustments and impairments on privately-held equity securities held by the Company as of March 31, 2026 were not material.
v3.26.1
Comprehensive Text Block List
 3 Months Ended
Mar. 31, 2026
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]  
Supplemental Financial Statement Information Supplemental Financial Statement Information
Cash, Cash Equivalents, and Restricted Cash
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands):
As of March 31,
20262025
Cash and cash equivalents$2,291,631 $993,464 
Restricted cash included in prepaid expenses and other current assets9,753 7,785 
Restricted cash included in other assets23,475 13,756 
Total cash, cash equivalents, and restricted cash$2,324,859 $1,015,005 
Accounts Payable, Accrued Liabilities, and Other
Accounts payable, accrued liabilities, and other consisted of the following (in thousands):
As of March 31,
2026		As of December 31,
2025
Accounts payable$69,319 $8,064 
Accrued payroll and related expenses119,877 178,659 
Accrued taxes89,737 56,579 
Other current liabilities217,029 166,250 
Total accounts payable, accrued liabilities, and other$495,962 $409,552 
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
2014 Credit Facility
The Company has a secured revolving credit facility which provides for aggregate revolving commitments of $500 million and has a maturity date of March 31, 2027 (as amended, the “2014 Credit Facility”). As of March 31, 2026, 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 million, and certain limitations on liens and indebtedness. The Company was in compliance with all covenants associated with the 2014 Credit Facility as of March 31, 2026.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
The Company has purchase commitments with various third parties primarily for cloud hosting services. In March 2026, the Company amended one of its third-party cloud services agreements. Under the amended agreement, the Company has committed to spend at least $5.6 billion, with annual minimum commitments of $268 million to $979 million, over ten contract years through February 29, 2036, among other things. Any and all previous payment obligations related to such third-party cloud hosting services agreement were terminated concurrently with the signing of this amendment.
As of March 31, 2026, except for the aforementioned, there were no material changes outside the ordinary course of business to the Company’s commitments, as disclosed in its Annual Report on Form 10-K for the year ended December 31, 2025.
Litigation and Legal Proceedings
The Company has been, is currently party to, and may, from time to time, be subject to various legal proceedings, claims, disputes, government investigations, or similar matters arising in the normal course of business. These may include proceedings, claims, disputes, allegations, or investigations related to, but not limited to, intellectual property; employment; securities; investors; taxes; class actions; contract or breach of contract; tort; warranty; refund; breach, leak, or misuse of personal data or confidential information; government procurement; government regulation or compliance; or other matters. The Company evaluates associated developments on a regular basis and establishes an accrual for loss contingencies when the loss is both probable and reasonably estimable.
On September 15, 2022, October 25, 2022, and November 4, 2022, putative securities class action complaints were filed in the United States District Court for the District of Colorado, captioned Cupat v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02384, Allegheny County Employees’ Retirement System v. Palantir Technologies, Inc., et al., Case No. 1:22-cv-02805, and Shijun Liu, Individually and as Trustee of the Liu Family Trust 2019 v. Palantir Technologies Inc., et al., Case No. 1:22-cv-02893, respectively, naming the Company and certain current and former officers and directors as defendants. The suits allege false and misleading statements about our business and prospects, and purport to allege claims under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the Securities Act of 1933, as amended (the “Securities Act”), and seek unspecified damages and remedies under Sections 10(b), 20(a), and 20(A) of the Exchange Act and Sections 11 and 15 of the Securities Act. These three actions subsequently were consolidated as Cupat v. Palantir Technologies Inc., et al., Lead Civil Action No. 1:22-cv-02834-CNS-SKC, consolidated with civil actions 1:22-cv-02805-CNS-SKC and 1:22-cv-02893-CNS-SKC. On March 31, 2024, the Court dismissed the Cupat matter without prejudice. On May 24, 2024, plaintiffs filed a second amended complaint. On April 4, 2025, the Court dismissed the Cupat matter with prejudice and entered judgment for the defendants on the same day. On May 2, 2025, plaintiffs filed a Notice of Appeal from the final judgment with the United States Court of Appeals for the Tenth Circuit. On March 16, 2026, the United States Court of Appeals for the Tenth Circuit held oral arguments for the case.
As of March 31, 2026, the Company was not aware of any currently pending legal matters or claims, individually or in the aggregate, that were expected to have a material adverse impact on its condensed consolidated financial statements.
Warranties and Indemnification
The Company generally provides a warranty for its software products and services and a service level agreement (“SLA”) for the Company’s performance of software operations. The Company’s products are generally warranted to perform substantially as described in the associated product documentation during the subscription term or for a period of up to 90 days where the software is hosted by the customer, and the Company includes operations and maintenance (“O&M”) services as part of its subscription and license agreements to support this warranty and maintain the operability of the software. The Company’s services are generally warranted to be performed in a professional manner and by an adequate staff with knowledge about the products. In the event there is a failure of such warranties, the Company generally is obligated to correct the product or service to conform to the warranty provision or, if the Company is unable to do so, the customer is entitled to seek a refund of the purchase price of the product and service (generally prorated over the contract term). Due to the absence of historical warranty claims, the Company’s expectations of future claims related to products under warranty continue to be insignificant. The Company has not recorded warranty expense or related accruals as of March 31, 2026 and December 31, 2025.
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 March 31, 2026 and December 31, 2025.
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.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Stockholders' Equity Note Disclosure 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 million of the Company's equity securities as of March 31, 2026.
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 March 31, 2026.
The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands):
As of March 31, 2026As of December 31, 2025
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,295,892 20,000,000 2,290,987 
Class B Common Stock2,700,000 100,236 2,700,000 99,200 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,397,133 22,701,005 2,391,192 
v3.26.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Stock Options and SARs
The following table summarizes stock option and stock appreciation right (“SAR”) activity for the three months ended March 31, 2026 (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, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Granted
— — 1,117 191.70 
Exercised(1,038)4.72 — — 
Canceled and forfeited(256)6.30 (252)172.39 
Balance as of March 31, 2026150,908 $10.02 5.9$20,563 12,136 $134.80 7.1$565 
Vested and exercisable as of March 31, 202675,833 $8.67 5.4$10,435 — $— 0.0$— 
As of March 31, 2026, the total unrecognized stock-based compensation expense related to options and SARs outstanding was $383 million and $146 million, respectively, which is expected to be recognized over a weighted-average service period of five and eight years, respectively. The weighted-average grant date fair value of SARs granted during the three months ended March 31, 2026 was $25.44 per share.
Time-Vesting SARs
The Company grants SARs that vest over explicit service periods of up to ten years and are exercisable at expiration, during a limited window, if the Company’s stock price reaches a certain threshold (“Time-Vesting SARs”). Time-Vesting SARs have exercise prices of between $39–$250 and maximum appreciation values of between $60–$300.
The Company determined the grant-date fair value of Time-Vesting SARs granted 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:
Three Months Ended March 31,
20262025
Expected volatility rate
56.7% - 57.0%
61.0% - 66.1%
Expected term (in years)
8.7 - 9.7
3.4 - 8.9
Risk-free interest rate
3.9% - 4.2%
4.3% - 4.6%
Expected dividend yield—%—%
The expected volatility rate is based on a combination of the Company’s implied and historical volatility, and the historical volatility of comparable publicly-traded companies. The expected term represents the period of time the SARs are expected to be outstanding. The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant for periods corresponding with the expected term of the SAR. The Company has never paid and has no plans to pay dividends on its common stock, therefore the expected dividend yield is zero.
RSUs and P-RSUs
The following table summarizes the RSU and P-RSU activity for the three months ended March 31, 2026 (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, 202541,644 $27.74 118 $180.79 
Granted523 156.44 106 178.40 
Vested(4,933)30.79 (118)180.79 
Canceled and forfeited(658)64.76 (5)178.40 
Adjustment for performance achievement(1)
— — 
Unvested and outstanding as of March 31, 202636,576 $28.51 101 $178.40 
—————
(1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.

As of March 31, 2026, the total unrecognized stock-based compensation expense related to the RSUs outstanding was $817 million, which the Company expects to recognize over a weighted-average service period of three years. As of March 31, 2026, there was no unrecognized stock-based compensation expense related to the P-RSUs outstanding.
Stock-based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$17,906 $15,016 
Sales and marketing76,896 52,513 
Research and development36,545 31,834 
General and administrative70,245 55,976 
Total stock-based compensation expense$201,592 $155,339 
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income tax in the U.S. as well as other tax jurisdictions in which it conducts business. The Company’s effective tax rate as of March 31, 2026 differs from the U.S. statutory rate primarily due to foreign income taxed at different rates, non-deductible stock-based compensation, other non-deductible expenses, and valuation allowances recorded on its deferred tax assets from the U.S., United Kingdom (“U.K.”), and other jurisdictions. The provision for income taxes increased by an immaterial amount for the three months ended March 31, 2026 compared to the same period in 2025.

The realization of deferred tax assets is dependent upon the generation of sufficient taxable income of the appropriate character in future periods. The Company assesses its ability to realize the deferred tax assets on a quarterly basis, and it establishes a valuation allowance if it is more likely than not that some portion of the deferred tax assets will not be realized. The Company weighs all available positive and negative evidence, including its earnings history and results of recent operations, scheduled reversals of deferred tax liabilities, projected future taxable income, and tax planning strategies. For example, due to the weight of objectively verifiable negative evidence, including its history of U.S. and U.K. net operating tax losses, the Company has maintained a full valuation allowance on its U.S. and U.K. deferred tax assets as of March 31, 2026. However, given the Company’s recent earnings and anticipated future earnings, there is a reasonable possibility that it will have sufficient positive evidence in the future to release all or a portion of the valuation allowance it recorded against its deferred tax assets.
The 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.
v3.26.1
Earnings Per Share Attributable to Common Stockholders
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings Per Share Attributable to Common Stockholders Earnings Per Share Attributable to Common Stockholders
The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended March 31,
20262025
Numerator
Net income attributable to common stockholders for diluted earnings per share$870,527 $214,031 
Denominator
Weighted-average shares used in computing earnings per share:
Basic2,393,869 2,348,679 
Effect of dilutive shares177,055 204,139 
Diluted2,570,924 2,552,818 
Earnings per share
Earnings per share attributable to common stockholders:
Basic$0.36 $0.09 
Diluted$0.34 $0.08 
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-based compensation awards of 2 million for the three months ended March 31, 2026 and an immaterial amount for the three months ended March 31, 2025. These were excluded from the computation of diluted earnings per share attributable to common stockholders due to their antidilutive effect.
As of March 31, 2026 and 2025, the Company had 12 million and 6 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.
v3.26.1
Segment and Geographic Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
The following reporting segment tables reflect the results of the Company’s reportable operating segments consistent with the manner in which the chief operating decision maker (“CODM”) evaluates the performance of each segment and allocates the Company’s resources. The CODM does not evaluate the performance of the Company’s assets on a segment basis for internal management reporting and, therefore, such information is not presented.
Contribution is used, in part, to evaluate the performance of, and allocate resources to, each of the segments, 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):
Three Months Ended March 31,
20262025
Amount%Amount%
Contribution:
Government revenue$858,410 $486,963 
Expenses attributable to government segment(228,999)(186,003)
Government contribution629,411 73 %300,960 62 %
Commercial revenue774,173 396,892 
Expenses attributable to commercial segment(211,217)(155,747)
Commercial contribution562,956 73 %241,145 61 %
Total contribution$1,192,367 73 %$542,105 61 %
The reconciliation of total contribution to income from operations is as follows (in thousands):
Three Months Ended March 31,
20262025
Income from operations$753,998 $176,048 
Research and development expenses (1)
124,436 103,055 
General and administrative expenses (1)
112,341 107,663 
Total stock-based compensation expense201,592 155,339 
Total contribution$1,192,367 $542,105 
—————
(1) Excludes stock-based compensation expense.
Geographic Information
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended March 31,
20262025
Amount%Amount%
Revenue:
United States$1,282,066 79 %$628,494 71 %
United Kingdom130,091 8 %89,654 10 %
Rest of world (1)
220,426 13 %165,707 19 %
Total revenue$1,632,583 100 %$883,855 100 %
—————
(1) No other country represented 10% or more of total revenue for the three months ended March 31, 2026 or 2025
v3.26.1
Related Party Disclosures
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure Related Party Transactions
Alexander Karp, the Company’s Chief Executive Officer, flies on a non-commercial aircraft beneficially owned by him (the “Executive Aircraft”) for business and personal travel. During the three months ended March 31, 2026 and 2025, the Company incurred expenses related to the use of the Executive Aircraft of $3 million and $5 million, respectively.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
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
Jeffrey Buckley [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 12, 2026, Jeffrey Buckley, our Chief Accounting Officer, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 6,481 shares being the total of the maximum number of all shares subject to any condition when summed across all possible conditions, less any shares to be withheld and/or sold to satisfy applicable tax withholdings. The trading arrangement is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). The duration of the trading arrangement is until February 26, 2027, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Jeffrey Buckley
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2026
Expiration Date February 26, 2027
Arrangement Duration 351 days
Aggregate Available 6,481
Alexander Karp [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 275 days
David Glazer [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 16, 2026, David Glazer, our Chief Financial Officer and Treasurer, 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 143,100 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 December 15, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name David Glazer
Title Chief Financial Officer and Treasurer
Non-Rule 10b5-1 Arrangement Adopted true
Adoption Date March 16, 2026
Expiration Date December 15, 2026
Arrangement Duration 274 days
Aggregate Available 143,100
Ryan Taylor [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 16, 2026, Ryan Taylor, our Chief Revenue Officer and Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 78,000 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 December 15, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Ryan Taylor
Title Chief Revenue Officer and Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 16, 2026
Expiration Date December 15, 2026
Arrangement Duration 274 days
Aggregate Available 78,000
Lauren Stat February 11, 2026 Plan [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 323 days
Shyam Sankar March 11, 2026 Plan [Member]  
Trading Arrangements, by Individual  
Arrangement Duration 660 days
Lauren Stat September 4, 2025 Plan [Member] | Lauren Stat [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 11, 2026, Lauren Stat, a member of our Board of Directors, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on September 4, 2025 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For additional details about the material terms of this arrangement, refer to the description under the heading “Rule 10b5-1 Trading Arrangements” contained in Part II, Item 5. Other Information of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is incorporated herein by reference.
Name Lauren Stat
Title member of our Board of Directors
Rule 10b5-1 Arrangement Terminated true
Termination Date February 11, 2026
Lauren Stat February 11, 2026 Plan [Member] | Lauren Stat [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 11, 2026, Ms. Stat 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 34,428 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 December 31, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Ms. Stat
Title member of our Board of Directors
Non-Rule 10b5-1 Arrangement Adopted true
Adoption Date February 11, 2026
Expiration Date December 31, 2026
Aggregate Available 34,428
Shyam Sankar August 29, 2025 Plan [Member] | Shyam Sankar [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 10, 2026, Shyam Sankar, our Chief Technology Officer and Executive Vice President, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on August 29, 2025 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For additional details about the material terms of this arrangement, refer to the description under the heading “Rule 10b5-1 Trading Arrangements” contained in Part II, Item 5. Other Information of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which is incorporated herein by reference.
Name Shyam Sankar
Title Chief Technology Officer and Executive Vice President
Rule 10b5-1 Arrangement Terminated true
Termination Date March 10, 2026
Shyam Sankar March 11, 2026 Plan [Member] | Shyam Sankar [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 11, 2026, Mr. Sankar, on behalf of himself and as Trustee of The Sankar Irrevocable Remainder Trust DTD 4/20/2020, 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 1,520,000 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 December 31, 2027, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Name Mr. Sankar
Title Chief Technology Officer and Executive Vice President
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 11, 2026
Expiration Date December 31, 2027
Aggregate Available 1,520,000
Alexander Karp November 21, 2025 Plan [Member] | Alexander Karp [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 12, 2026, Alexander Karp, our Chief Executive Officer and a member of our Board of Directors, terminated a Rule 10b5-1 trading arrangement, which was previously adopted on November 21, 2025 and intended to satisfy the affirmative defense of Rule 10b5-1(c). For additional details about the material terms of this arrangement, refer to the description under the heading “Rule 10b5-1 Trading Arrangements” contained in Part II, Item 9B. Other Information of our Annual Report on Form 10-K for the year ended December 31, 2025, which is incorporated herein by reference.
Name Alexander Karp
Title Chief Executive Officer and a member of our Board of Directors
Rule 10b5-1 Arrangement Terminated true
Termination Date March 12, 2026
Alexander Karp March 12, 2026 Plan [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 12, 2026, Mr. Karp adopted a Rule 10b5-1 trading arrangement providing for the potential sales of shares of our Class A common stock through various transactions upon the occurrence and satisfaction of certain price and/or other conditions, with 7,080,177 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 December 12, 2026, or earlier, upon the completion or expiration of all transactions subject to the trading arrangement.
Alexander Karp March 12, 2026 Plan [Member] | Alexander Karp [Member]  
Trading Arrangements, by Individual  
Name Mr. Karp
Title Chief Executive Officer and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 12, 2026
Expiration Date December 12, 2026
Aggregate Available 7,080,177
v3.26.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation and Consolidation
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying condensed consolidated financial statements include the accounts of Palantir Technologies Inc. and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities where the Company holds at least a 20% ownership interest and has the ability to exercise significant influence over, but does not control, the investee are accounted for using the equity method of accounting. Certain prior year balances have been reclassified to conform to the current year presentation. Such reclassifications did not affect total revenues, income from operations, net income, or cash flows. The Company's fiscal year ends on December 31.
The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by GAAP on an annual reporting basis. In management’s opinion, the unaudited condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the balance sheets and statements of operations, comprehensive income, stockholders’ equity, and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full fiscal year or any future period.
These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 17, 2026.
Use of Estimates
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods.
Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include, but are not limited to, the identification of performance obligations in customer contracts, the valuation of deferred tax assets and uncertain tax positions, and the valuation and recognition of stock-based compensation awards. 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.
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 with original maturities of three months or less, which are invested primarily with U.S. financial institutions. Cash deposits with financial institutions, including restricted cash, generally exceed federally insured limits. Management believes minimal credit risk exists with respect to these financial institutions and the Company has not experienced any losses on such amounts.
The Company is exposed to concentrations of credit risk with respect to accounts receivable presented on the condensed consolidated balance sheets. The Company’s accounts receivable balances as of March 31, 2026 and December 31, 2025 were $1.4 billion and $1.0 billion, respectively. Customer I represented 31% and 25% of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively. No other customer represented more than 10% of total accounts receivable as of March 31, 2026 and December 31, 2025.
For the three months ended March 31, 2026 and 2025, no customer represented more than 10% of total revenue.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 Accounting Standards Codification (“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.
v3.26.1
Investments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026
TotalLevel 1Level 2Level 3
Assets:
Cash and cash equivalents:
Money market funds$1,730,569 $1,730,569 $— $— 
Prepaid expenses and other current assets and other assets:
Certificates of deposit4,858 — 4,858 — 
Marketable securities:
U.S. Treasury securities5,728,778 — 5,728,778 — 
Publicly-traded equity securities6,004 6,004 — — 
Total$7,470,209 $1,736,573 $5,733,636 $— 
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 $— 
Debt Securities, Available-for-Sale
As of March 31, 2026 and December 31, 2025, available-for-sale debt securities, all of which are included in marketable securities on the condensed consolidated balance sheet, consisted of the following (in thousands):
As of March 31, 2026
Amortized CostUnrealized GainsUnrealized LossesFair Value
U.S. Treasury securities$5,729,768 $2,764 $(3,754)$5,728,778 
Total debt securities$5,729,768 $2,764 $(3,754)$5,728,778 
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 
v3.26.1
Supplemental Financial Statement Information Text Block List (Tables)
 3 Months Ended
Mar. 31, 2026
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands):
As of March 31,
20262025
Cash and cash equivalents$2,291,631 $993,464 
Restricted cash included in prepaid expenses and other current assets9,753 7,785 
Restricted cash included in other assets23,475 13,756 
Total cash, cash equivalents, and restricted cash$2,324,859 $1,015,005 
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable, accrued liabilities, and other consisted of the following (in thousands):
As of March 31,
2026		As of December 31,
2025
Accounts payable$69,319 $8,064 
Accrued payroll and related expenses119,877 178,659 
Accrued taxes89,737 56,579 
Other current liabilities217,029 166,250 
Total accounts payable, accrued liabilities, and other$495,962 $409,552 
v3.26.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Summary of Total Authorized, Issued, And Outstanding Shares
The following represented the total authorized, issued, and outstanding shares for each class of common stock (in thousands):
As of March 31, 2026As of December 31, 2025
AuthorizedIssued and OutstandingAuthorizedIssued and Outstanding
Class A Common Stock20,000,000 2,295,892 20,000,000 2,290,987 
Class B Common Stock2,700,000 100,236 2,700,000 99,200 
Class F Common Stock1,005 1,005 1,005 1,005 
Total22,701,005 2,397,133 22,701,005 2,391,192 
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option and SARs Activity
The following table summarizes stock option and stock appreciation right (“SAR”) activity for the three months ended March 31, 2026 (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, 2025152,202 $9.98 6.1$25,536 11,271 $130.00 7.1$794 
Granted
— — 1,117 191.70 
Exercised(1,038)4.72 — — 
Canceled and forfeited(256)6.30 (252)172.39 
Balance as of March 31, 2026150,908 $10.02 5.9$20,563 12,136 $134.80 7.1$565 
Vested and exercisable as of March 31, 202675,833 $8.67 5.4$10,435 — $— 0.0$— 
Summary of Valuation Assumptions
The Company determined the grant-date fair value of Time-Vesting SARs granted 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:
Three Months Ended March 31,
20262025
Expected volatility rate
56.7% - 57.0%
61.0% - 66.1%
Expected term (in years)
8.7 - 9.7
3.4 - 8.9
Risk-free interest rate
3.9% - 4.2%
4.3% - 4.6%
Expected dividend yield—%—%
Summary of RSU and P-RSU Activity
The following table summarizes the RSU and P-RSU activity for the three months ended March 31, 2026 (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, 202541,644 $27.74 118 $180.79 
Granted523 156.44 106 178.40 
Vested(4,933)30.79 (118)180.79 
Canceled and forfeited(658)64.76 (5)178.40 
Adjustment for performance achievement(1)
— — 
Unvested and outstanding as of March 31, 202636,576 $28.51 101 $178.40 
—————
(1) This amount represents the difference between the maximum number of shares that could have been issued under the grant and the actual number of shares earned based on final performance.
Summary of Stock-Based Compensation Expense
Total stock-based compensation expense was as follows (in thousands):
Three Months Ended March 31,
20262025
Cost of revenue$17,906 $15,016 
Sales and marketing76,896 52,513 
Research and development36,545 31,834 
General and administrative70,245 55,976 
Total stock-based compensation expense$201,592 $155,339 
v3.26.1
Earnings Per Share Attributable to Common Stockholders (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Summary of Calculation of Basic and Diluted Net Loss Per Share
The following table presents the calculation of basic and diluted earnings per share attributable to common stockholders (in thousands, except per share amounts):
Three Months Ended March 31,
20262025
Numerator
Net income attributable to common stockholders for diluted earnings per share$870,527 $214,031 
Denominator
Weighted-average shares used in computing earnings per share:
Basic2,393,869 2,348,679 
Effect of dilutive shares177,055 204,139 
Diluted2,570,924 2,552,818 
Earnings per share
Earnings per share attributable to common stockholders:
Basic$0.36 $0.09 
Diluted$0.34 $0.08 
v3.26.1
Segment and Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Summary of Financial Information for Each Reportable Segment
Financial information for each reportable segment was as follows (in thousands, except percentages):
Three Months Ended March 31,
20262025
Amount%Amount%
Contribution:
Government revenue$858,410 $486,963 
Expenses attributable to government segment(228,999)(186,003)
Government contribution629,411 73 %300,960 62 %
Commercial revenue774,173 396,892 
Expenses attributable to commercial segment(211,217)(155,747)
Commercial contribution562,956 73 %241,145 61 %
Total contribution$1,192,367 73 %$542,105 61 %
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):
Three Months Ended March 31,
20262025
Income from operations$753,998 $176,048 
Research and development expenses (1)
124,436 103,055 
General and administrative expenses (1)
112,341 107,663 
Total stock-based compensation expense201,592 155,339 
Total contribution$1,192,367 $542,105 
—————
(1) Excludes stock-based compensation expense.
Summary of Revenue by Geography
Revenue by geography is based on the customer’s headquarters or agency location at the time of sale. Revenue is as follows (in thousands, except percentages):
Three Months Ended March 31,
20262025
Amount%Amount%
Revenue:
United States$1,282,066 79 %$628,494 71 %
United Kingdom130,091 8 %89,654 10 %
Rest of world (1)
220,426 13 %165,707 19 %
Total revenue$1,632,583 100 %$883,855 100 %
—————
(1) No other country represented 10% or more of total revenue for the three months ended March 31, 2026 or 2025
v3.26.1
Significant Accounting Policies - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Accounting Policies [Abstract]    
Accounts receivable, net $ 1,405,588 $ 1,042,065
Customer I | Accounts Receivable Benchmark | Customer Concentration Risk    
Concentration Risk [Line Items]    
Percentage concentration 31.00% 25.00%
v3.26.1
Contract Liabilities and Remaining Performance Obligations - Additional information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Contract with customer, liability $ 929   $ 812
Revenue recognized from contract liability balances 439 $ 259  
Remaining performance obligation $ 4,500    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Remaining performance obligation (as percent) 39.00%    
Revenue, remaining performance obligation, expected timing of satisfaction, period 12 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01      
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]: 2026-04-01 | Minimum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 13 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Maximum      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Revenue, remaining performance obligation, expected timing of satisfaction, period 36 months    
v3.26.1
Investments and Fair Value Measurements - Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Marketable securities:    
Debt securities $ 5,728,778 $ 5,729,892
Total 7,470,209 6,703,423
Level 1    
Marketable securities:    
Total 1,736,573 968,685
Level 2    
Marketable securities:    
Total 5,733,636 5,734,738
Level 3    
Marketable securities:    
Total 0 0
U.S. Treasury securities    
Marketable securities:    
Debt securities 5,728,778 5,729,892
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue | Money market funds    
Cash and cash equivalents:    
Cash and cash equivalents 1,730,569 945,330
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue | Money market funds | Level 1    
Cash and cash equivalents:    
Cash and cash equivalents 1,730,569 945,330
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue | Money market funds | Level 2    
Cash and cash equivalents:    
Cash and cash equivalents 0 0
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue | Money market funds | Level 3    
Cash and cash equivalents:    
Cash and cash equivalents 0 0
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | U.S. Treasury securities    
Marketable securities:    
Debt securities 5,728,778 5,729,892
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | U.S. Treasury securities | Level 1    
Marketable securities:    
Debt securities 0 0
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | U.S. Treasury securities | Level 2    
Marketable securities:    
Debt securities 5,728,778 5,729,892
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | U.S. Treasury securities | Level 3    
Marketable securities:    
Debt securities 0 0
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | Publicly-traded equity securities    
Marketable securities:    
U.S. treasury securities 6,004 23,355
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | Publicly-traded equity securities | Level 1    
Marketable securities:    
U.S. treasury securities 6,004 23,355
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | Publicly-traded equity securities | Level 2    
Marketable securities:    
U.S. treasury securities 0 0
Balance Sheet Location [Axis]: us-gaap:MarketableSecuritiesCurrent | Publicly-traded equity securities | Level 3    
Marketable securities:    
U.S. treasury securities 0 0
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Certificates of deposit    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 4,858 4,846
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Certificates of deposit | Level 1    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 0 0
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Certificates of deposit | Level 2    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 4,858  
Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent | Certificates of deposit | Level 3    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 0 0
Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent | Certificates of deposit    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 4,858 4,846
Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent | Certificates of deposit | Level 1    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 0 0
Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent | Certificates of deposit | Level 2    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit 4,858 4,846
Balance Sheet Location [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent | Certificates of deposit | Level 3    
Prepaid expenses and other current assets and other assets:    
Certificates of deposit $ 0 $ 0
v3.26.1
Investments and Fair Value Measurements - Available-For-Sale Debt Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost $ 5,729,768 $ 5,720,869
Unrealized Gains 2,764 9,158
Unrealized Losses (3,754) (135)
Fair Value 5,728,778 5,729,892
U.S. Treasury securities    
Debt Securities, Available-for-Sale [Line Items]    
Amortized Cost 5,729,768 5,720,869
Unrealized Gains 2,764 9,158
Unrealized Losses (3,754) (135)
Fair Value $ 5,728,778 $ 5,729,892
v3.26.1
Investments and Fair Value Measurements - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
USD ($)
security
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
security
Fair Value Disclosures [Abstract]      
Proceeds from sale of available-for-sale securities $ 0 $ 280,000,000  
Available-for-sale debt securities in unrealized loss position $ 2,400,000,000   $ 700,000,000
Number of securities in an unrealized loss position for greater than 12 months | security 0   0
Privately-held equity securities without readily determinable fair value, amount $ 245,000,000   $ 170,000,000
v3.26.1
Supplemental Financial Statement Information - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 2,291,631 $ 1,423,796 $ 993,464  
Restricted cash included in prepaid expenses and other current assets $ 9,753   $ 7,785  
Restricted Cash and Cash Equivalent, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets   Prepaid expenses and other current assets  
Restricted cash included in other assets $ 23,475   $ 13,756  
Restricted Cash and Cash Equivalent, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other assets   Other assets  
Total cash, cash equivalents, and restricted cash $ 2,324,859 $ 1,451,425 $ 1,015,005 $ 2,119,936
v3.26.1
Supplemental Financial Statement Information - Accounts Payable, Accrued Liabilities, and Other (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]    
Accounts payable $ 69,319 $ 8,064
Accrued payroll and related expenses 119,877 178,659
Accrued taxes 89,737 56,579
Other current liabilities 217,029 166,250
Total accounts payable, accrued liabilities, and other $ 495,962 $ 409,552
v3.26.1
Debt - Additional Information (Detail) - 2014 Revolving Credit Facility - Line of Credit
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Short-Term Debt [Line Items]  
Debt instrument maximum borrowing capacity $ 500
Revolving Credit Facility  
Short-Term Debt [Line Items]  
Debt instrument carrying amount 0
Line of credit minimum liquidity to be maintained $ 50
v3.26.1
Commitments and Contingencies - Additional Information (Detail) - Purchase Commitment - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2026
Mar. 31, 2026
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Long-term purchase commitment, amount $ 5,600  
Period for purchase price commitment (in years) 10 years  
Minimum    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Long-term purchase commitment, amount   $ 268
Maximum    
Purchase Commitment, Excluding Long-Term Commitment [Line Items]    
Long-term purchase commitment, amount   $ 979
v3.26.1
Stockholders' Equity - Additional Information (Detail)
shares in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
vote
shares
Class of Stock [Line Items]  
Minimum ownership threshold (in shares) | shares 100
Dividends declared | $ $ 0
Class A Common Stock  
Class of Stock [Line Items]  
Voting rights 1
Class B Common Stock  
Class of Stock [Line Items]  
Voting rights 10
Common stock, convertible, conversion ratio 1
Class F Common Stock  
Class of Stock [Line Items]  
Control of total voting power 50.00%
v3.26.1
Stockholders' Equity - Summary of Total Authorized, Issued, And Outstanding Shares (Detail) - shares
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) 22,701,005,000 22,701,005,000
Common stock, shares issued (in shares) 2,397,133,000 2,391,192,000
Common stock, shares outstanding (in shares) 2,397,133,000 2,391,192,000
Class A Common Stock    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) 20,000,000,000 20,000,000,000
Common stock, shares issued (in shares) 2,295,892,000 2,290,987,000
Common stock, shares outstanding (in shares) 2,295,892,000 2,290,987,000
Class B Common Stock    
Class of Stock [Line Items]    
Common stock, shares authorized (in shares) 2,700,000,000 2,700,000,000
Common stock, shares issued (in shares) 100,236,000 99,200,000
Common stock, shares outstanding (in shares) 100,236,000 99,200,000
Class F Common Stock    
Class of Stock [Line Items]    
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
v3.26.1
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Options Outstanding    
Beginning balance (in shares) 152,202  
Options granted (in shares) 0  
Options exercised (in shares) (1,038)  
Options canceled and forfeited (in shares) (256)  
Ending balance (in shares) 150,908 152,202
Options vested and exercisable, end of period (in shares) 75,833  
Weighted-Average Exercise Price Per Share    
Beginning balance (in dollars per share) $ 9.98  
Options granted (in dollars per share) 0  
Options exercised (in dollars per share) 4.72  
Options canceled and forfeited (in dollars per share) 6.30  
Ending balance (in dollars per share) 10.02 $ 9.98
Options vested and exercisable, end of period (in dollars per share) $ 8.67  
Weighted-Average Remaining Contractual Life (years) and Aggregate Intrinsic Value    
Options outstanding, Weighted-average remaining contractual life (in years) 5 years 10 months 24 days 6 years 1 month 6 days
Options vested and exercisable (in years) 5 years 4 months 24 days  
Options outstanding, aggregate intrinsic value $ 20,563 $ 25,536
Options vested and exercisable, end of period $ 10,435  
v3.26.1
Stock-Based Compensation - Summary of SARs Activity (Detail) - Stock Appreciation Rights (SARs) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Beginning balance (in shares) 11,271  
Granted (in shares) 1,117  
Exercised (in shares) 0  
Canceled and forfeited (in shares) (252)  
Ending balance (in shares) 12,136 11,271
Vested and exercisable (in shares) 0  
Stock Appreciation Rights Weighted Average Exercise Price    
Beginning balance (in dollars per share) $ 130.00  
Granted (in dollars per share) 191.70  
Exercised (in dollars per share) 0  
Canceled and forfeited (in dollars per share) 172.39  
Ending balance (in dollars per share) 134.80 $ 130.00
Vested and exercisable (in dollars per share) $ 0  
Shares outstanding, Weighted average remaining contractual life (in years) 7 years 1 month 6 days 7 years 1 month 6 days
Vested and exercisable, Weighted average remaining contractual life (in years) 0 years  
Shares outstanding, Aggregate Intrinsic Value $ 565 $ 794
Vested and exercisable, Aggregate Intrinsic Value $ 0  
v3.26.1
Stock-Based Compensation - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2026
USD ($)
$ / shares
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 383,000,000
Unrecognized share based compensation expense, period for recognition (in years) 5 years 1 month 6 days
Stock Appreciation Rights (SARs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 146,000,000
Unrecognized share based compensation expense, period for recognition (in years) 8 years
Granted (in dollars per share) $ 25.44
Time-Vesting SARs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Share based payment award vesting period 10 years
Non-option equity instrument, exercise price $ 250
Maximum apperciation per award 300
Time-Vesting SARs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Non-option equity instrument, exercise price 39
Maximum apperciation per award $ 60
Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 817,000,000
Unrecognized share based compensation expense, period for recognition (in years) 3 years
Granted (in dollars per share) $ 156.44
P-RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized share based compensation expense | $ $ 0
Granted (in dollars per share) $ 178.40
v3.26.1
Stock-Based Compensation - Valuation Assumptions (Detail) - Time-Vesting SARs
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
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% 61.00%
Expected term (in years) 8 years 8 months 12 days 3 years 4 months 24 days
Risk-free interest rate 3.90% 4.30%
Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility rate 57.00% 66.10%
Expected term (in years) 9 years 8 months 12 days 8 years 10 months 24 days
Risk-free interest rate 4.20% 4.60%
v3.26.1
Stock-Based Compensation - Summary of RSU And PRSU Activity (Detail)
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
RSUs  
Units Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 41,644,000
Granted (in shares) | shares 523,000
Vested (in shares) | shares (4,933,000)
Canceled and forfeited (in shares) | shares (658,000)
Unvested and outstanding, ending balance (in shares) | shares 36,576,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 27.74
Granted (in dollars per share) | $ / shares 156.44
Vested (in dollars per share) | $ / shares 30.79
Canceled and forfeited (in dollars per share) | $ / shares 64.76
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 28.51
P-RSUs  
Units Outstanding  
Unvested and outstanding, beginning balance (in shares) | shares 118,000
Granted (in shares) | shares 106,000
Vested (in shares) | shares (118,000)
Canceled and forfeited (in shares) | shares (5,000)
Adjustment for performance achievement (in shares) | shares 0
Unvested and outstanding, ending balance (in shares) | shares 101,000
Weighted Average Grant Date Fair Value per Share  
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares $ 180.79
Granted (in dollars per share) | $ / shares 178.40
Vested (in dollars per share) | $ / shares 180.79
Canceled and forfeited (in dollars per share) | $ / shares 178.40
Adjustment for performance achievement (in dollars per share) | $ / shares 0
Unvested and outstanding, ending balance (in dollars per share) | $ / shares $ 178.40
v3.26.1
Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 201,592 $ 155,339
Income Statement Location [Axis]: us-gaap:CostOfRevenue    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 17,906 15,016
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 70,245 55,976
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 36,545 31,834
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 76,896 $ 52,513
v3.26.1
Earnings Per Share Attributable to Common Stockholders - Summary of Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator    
Net income attributable to common stockholders for diluted earnings per share $ 870,527 $ 214,031
Denominator    
Weighted-average shares used in computing earnings per share, basic (in shares) 2,393,869 2,348,679
Effect of dilutive shares (in shares) 177,055 204,139
Weighted-average shares used in computing earnings per share, diluted (in shares) 2,570,924 2,552,818
Earnings per share    
Earnings per share attributable to common stockholders, basic (in dollars per share) $ 0.36 $ 0.09
Earnings per share attributable to common stockholders, diluted (in dollars per share) $ 0.34 $ 0.08
v3.26.1
Earnings Per Share Attributable to Common Stockholders - Summary of Antidilutive Securities (Detail) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Payment Arrangement    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, amount 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 12 6
v3.26.1
Segment and Geographic Information - Summary of Financial Information for Each Reportable Segment (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Abstract]    
NumberOfReportableSegmentsNotDisclosedFlag reporting segment  
Segment Reporting [Line Items]    
Revenue $ 1,632,583 $ 883,855
Operating Segments    
Segment Reporting [Line Items]    
Total contribution $ 1,192,367 $ 542,105
Contribution margin (in percent) 73.00% 61.00%
Operating Segments | Government    
Segment Reporting [Line Items]    
Revenue $ 858,410 $ 486,963
Expenses (228,999) (186,003)
Total contribution $ 629,411 $ 300,960
Contribution margin (in percent) 73.00% 62.00%
Operating Segments | Commercial    
Segment Reporting [Line Items]    
Revenue $ 774,173 $ 396,892
Expenses (211,217) (155,747)
Total contribution $ 562,956 $ 241,145
Contribution margin (in percent) 73.00% 61.00%
v3.26.1
Segment and Geographic Information - Summary of Reconciliation of Segment Financial Information to Loss from Operations (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Line Items]    
Income from operations $ 753,998 $ 176,048
Total stock-based compensation expense 201,592 155,339
Reconciling items    
Segment Reporting [Line Items]    
Income from operations 753,998 176,048
Research and development expenses 124,436 103,055
General and administrative expenses 112,341 107,663
Total stock-based compensation expense 201,592 155,339
Operating Segments    
Segment Reporting [Line Items]    
Total contribution $ 1,192,367 $ 542,105
v3.26.1
Segment and Geographic Information - Summary of Revenue by Geography (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Revenue $ 1,632,583 $ 883,855
Geographic Concentration Risk    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,632,583 $ 883,855
Geographic Concentration Risk | Revenue Benchmark    
Disaggregation of Revenue [Line Items]    
Percentage concentration 100.00% 100.00%
Geographic Concentration Risk | Revenue Benchmark | Minimum    
Disaggregation of Revenue [Line Items]    
Percentage concentration 10.00% 10.00%
United States | Geographic Concentration Risk    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,282,066 $ 628,494
United States | Geographic Concentration Risk | Revenue Benchmark    
Disaggregation of Revenue [Line Items]    
Percentage concentration 79.00% 71.00%
United Kingdom | Geographic Concentration Risk    
Disaggregation of Revenue [Line Items]    
Revenue $ 130,091 $ 89,654
United Kingdom | Geographic Concentration Risk | Revenue Benchmark    
Disaggregation of Revenue [Line Items]    
Percentage concentration 8.00% 10.00%
Rest of world | Geographic Concentration Risk    
Disaggregation of Revenue [Line Items]    
Revenue $ 220,426 $ 165,707
Rest of world | Geographic Concentration Risk | Revenue Benchmark    
Disaggregation of Revenue [Line Items]    
Percentage concentration 13.00% 19.00%
v3.26.1
Related Party Disclosures (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction [Line Items]    
Operating Expenses $ 662,787 $ 534,837
Chief Executive Officer    
Related Party Transaction [Line Items]    
Operating Expenses $ 3,000 $ 5,000